HANCOCK COUNTY — It’s a stressful time to be a small-business owner, but state and federal loan programs are becoming available to provide some relief.
Grassroots efforts are also under way to support small businesses during these trying times.
The Greenfield Area Chamber of Commerce has been posting a long list of loan programs, grants and other resources designed to aid small-business owners.
The Daily Reporter has launched a “Show your Love to Local” campaign, providing behind-the-scenes looks at local businesses throughout the county on social media.
Greenfield Main Street has also done its part, encouraging take-out and gift card purchases and posting special operating hours for local businesses.
Renee Oldham, president of Greenfield Main Street, expressed admiration for the owners of those independent business owners who are tenaciously trying to overcome the current challenges.
“Grit, tenacity, perseverance, optimism and an entrepreneurial spirit are fundamental pieces of what drives and makes small businesses successful,” Oldham said. “You don’t have to look far to see those characteristics in our downtown business owners.”
Here is a list of resources available to help small-business owners:
Indiana Small Business Development Center
The center provides a long list of resources along with access to advisers who can answer questions. A COVID-19 Resource Guide for small businesses is available for download.
isbdc.org/indianacovid19smallbusiness
Indiana Economic Development Corporation
The IEDC provides a lengthy list of resources covering topics like rapid response loans, debt relief and paycheck protection programs.
James Beard Foundation
The foundation, a nonprofit that celebrates and supports the culinary arts, started a Food and Beverage Industry Relief Fund to provide micro-grants to independent food and beverage small businesses in need.
Crowd-funding loans
Kiva, a nonprofit that works to expand financial access for small businesses, is urging small businesses to apply for zero-interest loans of up to $15,000. The organization is also offering a longer grace period: new borrowers can access a grace period of up to six months.
kiva.org
Main Street Business Lending Program
This initiative announced by the Federal Reserve will complement efforts by the Small Business Administration and further support lending to eligible small and medium-sized businesses.
FederalReserve.gov
MainVest
Main Vest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, zero-interest, 120-day loan for restaurants or other brick-and-mortar businesses affected by the shutdown, in addition to its normal fundraising offerings.
MainVest.com/main-street-initiative
Opportunity Fund
Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants and people of color, is collaborating with investors and nonprofits to put together a coronavirus relief fund that will provide grants and low-interest rate loans to business owners in need.
OpportunityFund.org/assistance-for-small-business-owners-affected-by-covid-19
Restaurant Workers’ Community Foundation
The foundation formed a COVID-19 Emergency Relief Fund for small businesses and their restaurant workers and is accepting donations.
RestaurantWorkersCF.org
U.S. Department of Labor
The Department of Labor has published guidelines for the Families First Coronavirus Response Act (Emergency Paid Sick Leave and Emergency Family and Medical Leave). The department has additional resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave. The agency also offers a comprehensive list of resources for employers and employees.
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Seated, an app that was created to help restaurants fill empty tables, has established a hotline to provide restaurants with a one-hour complimentary phone consultation in a variety of areas like human resources, finance and general business inquiries.
SeatedHotline.com
U.S. Small Business Administration
The Small Business Administration is offering up to $2 million in Economic Injury Disaster Loans for small businesses in eligible areas impacted by the coronavirus, in addition to a resource page detailing eligibility and how to apply.
The agency also provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
Lender Match is the Small Business Administration’s free online referral tool that connects small businesses with participating SBA-approved lenders.
Yelp
Yelp’s CEO announced the company is providing $25 million in coronavirus relief for independent restaurant and nightlife businesses in the form of waived advertising fees, free advertising, products and services.
blog.yelp.com/2020/03/yelp-covid-19-response-and-support-for-local-businesses
