Mayor Hogsett, Indy Chamber announce multi-million dollar investment in small business loans

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INDIANAPOLIS, Ind. – Mayor Joe Hogsett and the Indy Chamber continue to help small businesses stay afloat during the coronavirus pandemic.

Monday morning, both outlined a $3 million investment for small business support loans, including $1.5 million from City of Indianapolis sources.

“It’s clear that restrictions are necessary to help curb the spread of COVID-19, but we know that small businesses and their employees are hurting as a result,” said Hogsett. “As we face this pandemic, leaders from public, private, and philanthropic organizations must work collaboratively and fight for the continued success of our community. History has shown that when Indianapolis faces significant hardship, our community rallies together. Today’s announcement is one of many steps our city’s leaders are taking in order to support and preserve the businesses that form the backbone of our economy.”

This is just the latest effort by both to help small businesses in the Circle City. Recently the Mayor and the Chamber mentioned the Chamber’s Business Ownership Initiative would put their resources towards loans to help small businesses. The help includes loans from $1,000-$25,000 aimed at helping with payroll or insurance premiums. Also available, “free one-on-one business coaching and access to loan capital programs, expert coaches are helping guide entrepreneurs and small business owners through the uncertainty this pandemic has caused.”

The City and Chamber are also encouraging small businesses to apply for the Small Business Administration’s Economic Injury Disaster Loan program. There are several programs that can help with employee payroll and give businesses some relief with any revenue they may be losing.

The City and Chamber are also helping small businesses apply for these loans to make sure they are getting all the help they need.

For more information on the Mayor and Chamber’s plans, click here.

To learn more about the SBA’s Economic Injury Disaster Loan program, click here.

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