Howard County joins the town of Kokomo and offers its own forgivable loan program for local businesses.
On Thursday, the county announced its Howard County $ 250,000 forgivable loan program (emergency relief) that will give local businesses in operation since September 16, 2019 and with 20 or fewer employees the opportunity to qualify. reimburse a total of $ 5,000 if they’ve been negatively affected financially by the ongoing pandemic and recent county restrictions.
Starting at 9 a.m. on Monday, local small businesses located in Howard County but outside of Kokomo Town will be able to apply for financial assistance. Applications will be approved on a first come, first served basis. Applications must be submitted by May 4th.
Applications can be submitted by email to [email protected] or by mail: Howard County Government, Attention: Pam Isaac, 220 North Main Street Kokomo, IN, 46901
Reimbursement is capped at $ 1,000 per month, but can be increased to $ 2,500 per month if businesses can prove “significant financial hardship.” Loans will not have to be repaid unless the business permanently closes or moves its primary location out of the county.
If each applicable business receives the maximum amount of $ 5,000, the county program will help 50 businesses.
Commissioner Paul Wyman told a press conference on Thursday that the county aims to disburse the funds immediately upon approval. Funding for the program comes from the county’s Economic Development Income Tax (EDIT) fund.
The program is very similar to Kokomo City’s $ 1 million forgivable loan program announced on April 8. The city’s program aimed to help 200 small businesses located within the city limits. However, demand exceeded supply.
Kokomo Mayor Tyler Moore said on Wednesday the city had received more than 300 applications and will have to turn down a good chunk of applicants due to lack of funds available.