The City of Fishers, through the Build Fishers Foundation, awarded $505,000 in low-interest loans to Fishers small businesses on Friday, May 8.
Fadness
“Fishers’ small businesses are the lifeblood of our community,” said Fishers Mayor Scott Fadness. “As our city begins to safely re-open, my hope is that these loans will help our small businesses with the much-needed upfront cash required to resume partial operations and eventual re-opening.”
The loan committee took into consideration the following as part of the decision-making process. All businesses must employ 25 full-time employees or less and one of the following:
- Designated as non-essential under Governor Holcomb’s stay-at-home Executive Order
- Unable to adopt a business model to sustain existing revenue during the COVID-19 Pandemic
- Essential businesses that had to furlough or lay off 50 percent or more of their workforce as a result of COVID-19
- Must be able to demonstrate a direct correlation of their business disruption due to COVID-19
The committee presented the approved loan recipients during Friday’s Build Fishers Foundation meeting for final approval. A total of 73 loans were approved
Businesses will receive up to a six-month no-interest deferment upon receiving funds. After the deferral time, businesses will have the opportunity to repay the loan at a 1 percent interest rate for 36 months.
The Start-Up and Recovery Loan is just one component of Mayor Fadness’ Recovery Plan, unveiled April 23. In conjunction with the loan program, businesses in Fishers have access to COVID-19 testing through the Fishers Health Department’s program, re-opening assistance for COVID-19-safety protocols through the Business Recovery Team, and one-on-one consultation for business assistance via the Business Recovery Center.
For more information, visit fishersrecovery.com/recovery.