Loan program targets businesses impacted by bridge construction and downtown road improvements.
NEW ALBANY, IN (January 27, 2023) – Small businesses in New Albany impacted by unprecedented dual effects of the road and bridge improvement projects will soon be able to apply for no-interest loans through the New Albany Central Business District Loan Program (NACBDLP). This loan fund may be used to help cover overhead and operational costs such as payroll, rent, and utilities to assist these businesses in maintaining operations throughout these lengthy but necessary projects. The NACBDLP is a program of the ONE Fund, administered by One Southern Indiana (1si), and is intended to keep the affected small businesses viable so they can benefit from the public road and bridge investments.
Eligible businesses must operate out of a “brick and mortar” location within the Central Business District of the City of New Albany as an in-person retail, restaurant or bar, or personal services establishment. They must be able to show a current lease agreement, building loan agreement or building ownership. They must have 50 or fewer full-time employees, have been in business at least two years (or show monthly P&L statements and business growth), and have no federal or state liens nor any outstanding judgments.
Loan applications will be accepted from January 30 through February 10, 2023. Loan requests from $2,500 to $25,000 will be considered. The loan interest rate is 0%, with a maximum repayment term of 36 months, and the first payment due via ACH on January 1, 2024. Loans are not forgivable, and a personal guaranty is required. Funds for the NACBDLP were contributed to The ONE Fund by Floyd County.
Interested businesses can request complete eligibility requirements and loan terms by emailing Mike Fulkerson, 1si’s Small Business Navigator, at MikeF@1si.org.
Wendy Dant Chesser, president and CEO of One Southern Indiana, noted, “1si, together with our partners, launched the Community and Cultural Relief Fund in the spring of 2020 to provide emergency loans for small businesses impacted by the economic slowdown caused by the Covid-19 pandemic. Our hope is to replicate the success of that program for distressed downtown New Albany businesses adversely affected by the combination of the Sherman Minton Bridge Renewal Project and downtown road improvements within the New Albany Central Business District. This ‘double whammy’ has dramatically curtailed customer traffic to many downtown businesses, affecting both their short-term revenue and long-term viability. Our hope is that the availability of these no-interest loans will sustain them until customer traffic can return to normal levels.”
The ONE Fund was created by One Southern Indiana in 2022 to provide small business owners in the Indiana counties of Clark, Floyd, Jefferson, Scott and Washington with the capital required for start-up and growth initiatives. The Fund provides microloans to small businesses as their “lender of last resort” in order to support small businesses as they work toward stability and bankability.
About One Southern Indiana:
One Southern Indiana was formed in July of 2006 as the economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the Southern Indiana / Louisville metro area. For more, visit 1si.org.
For Additional Media Inquiries:
Wendy Dant Chesser, President & CEO
One Southern Indiana