The Green River Area Development District (GRADD) has appropriated $250,000 of its Revolving Loan Fund (RLF) in order to make emergency small business loans available as a response to the COVID-19 Pandemic.
Small business owners in Daviess, Hancock, Henderson, McLean, Ohio, Union, and Webster Counties can apply for up to $25,000 in working capital funds from GRADD’s Revolving Loan Fund. The minimum loan will be $5,000, with terms up to 36 months and with six months of payment deferral.
Jiten Shah, GRADD executive director, said GRADD staff has streamlined both the application and approval process. “Businesses are suffering now,” Shah said. “We felt these changes were important so we could get funds into the community as quickly as possible.”
GRADD Board Chair David Johnston praised the Board’s decision, saying it was important for the agency to step up when community members and small businesses are in need.
“We know small business owners are being hit really hard by the closures and people quarantining,” Johnston said. “Hopefully, this money will help them weather the storm.”
For more information or to apply, visit www.gradd.com, or contact Gina Boaz at ginaboaz@gradd.com.