Another round of Forgivable Loans Available for Angola Businesses
By: Sheila McCrea -
Tuesday, July 27, 2021
ANGOLA, IN - Another round of forgivable loans are available for Angola businesses.
The Angola Investment Fund has opened up the next round of its COVID-19 forgivable loan program with the addition of another $350,000.
The program is funded by the Indiana Office of Community and Rural Affairs’ COVID-19 Response Grant Program and Angola’s Major Moves Fund. The purpose of the forgivable loans is to help local Angola businesses that have been adversely impacted by the pandemic pay for eligible expenses by offering $10,000 loans to businesses within the city limits.
To qualify, businesses should have 50 or less employees, with a majority of employees earning between $39,000-$100,000. The loan can only be used for utilities, rent or mortgage, insurance and taxes. Payroll, supplies and marketing are not eligible. When the loan comes due after six months, the AIF board will review whether or not the business has used the funds as originally indicated. If so, the loan is forgiven.
Angola’s forgivable loan program is currently open for Round 3 applications. Those interested in applying should visit the city of Angola’s website and find the appropriate link: https://www.angolain.org/egov/apps/document/center.egov?view=item;id=1066. For application assistance, contact Downtown Services Coordinator Maria Davis at 260-624-2698 or by email at email@example.com.
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