Angola, IN – Six local Angola businesses will be receiving business loans next week through the Phase 3 Covid-19 Response Program.
This funding is made possible by the Indiana Office of Community and Rural Affairs (OCRA) and the Angola Investment Fund (AIF). The AIF is responsible for managing the Angola AIF/OCRA fund.
The forgivable loan program is designed for local service and retail small businesses that had been adversely impacted by COVID-19 and the restrictions it has imposed. Funding will assist businesses during these challenging times.
OCRA agreed to award $250,000 to Angola for the Phase 3 funding.
This is the second time the City of Angola has been awarded funding for a forgivable loan program. The City of Angola through the AIF added $100,000 to increase the total amount available to the program for Phase 3 to $350,000. The total amount dedicated to the two loan programs is $700,000. The given funds that meet certain criteria will be forgiven. Minority-owned businesses will be given priority with this program.
“Our small businesses continue to struggle as the effects of the pandemic impact their ability to staff, supply, and maintain their establishments.,” Mayor Richard Hickman said. “We hope these funds will be able to help them get through these difficult times. These businesses are made of people from our community. They are our neighbors, our friends and our families.”
Completed applications are reviewed by the AIF Review Committee who is made up of local finance professionals and community representatives that are convened by the city to evaluate the applications.
Applications are still being taken for retail and service small business impacted by COVID-19. Please go to the city’s website at www.angolain.org/AIFloan to learn more about the funding and how to apply.
A check presentation is planned for Thursday, September 9, 2:00pm at City Hall in the 2nd Floor Common Council Chambers.
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