By: City of Muncie—
Muncie, IN- The Muncie Industrial Revolving Loan Fund Board has created the “COVID-19 Relief Loan for Small Business.”
This loan is designed to provide aid to local small businesses who have felt the economic impact of the COVID-19 epidemic. The board has made $150,000 of City funds available, which it will spread across 20 businesses. This allows for $7,500 to be allotted to each of those 20 businesses. The loan is non-forgivable, and will need to be paid back, however there are options on the terms.
The criteria for the loan is listed below:
• The MIRLF will accept 20 applications beginning May 4th, 2020.
• Businesses must be currently located within Muncie corporate limits.
• Loans will be up to $7,500.
• Interest rates will be 3.25% for 36 month loans, or 4% for 60 months.
Applications are available by clicking the link below. The applications will need filled out in entirety and emailed to email@example.com
Last Friday during the mayor’s daily briefing on Facebook, Mayor Ridenour explained the new program.
Watch the video below to learn more. The info about the loan program begins at the 4 minute mark in the video below.
Editor’s note: Mayor Ridenour gives a daily video briefing at around 8:30am. (Time subject to change.) You can view his briefings (or any of the past ones) on the City of Muncie’s Facebook Page.