The city of Crawfordsville stepped up for 42 small businesses Thursday when Mayor Todd Barton announced that loans provided by the city to help with COVID relief have all been forgiven.
“Unlike many communities, I am happy to report that not one of these businesses closed as a result of the pandemic,” Barton.
The Board of Public Works and Safety unanimously voted to forgive the 42 loans the city made in the amount of $250,000. The maximum loan amount was $7,500 and the average ended up around $5,960.
All the loans were made under the COVID-19 Small Business Loan Program created by Barton in April of 2020. The mayor said the goal was the help businesses suffering financially from the pandemic
Terms were for one year at zero interest and could be used for expenses such as payroll, rent or mortgage payments, tax liabilities and other essential operational needs. After the one-year period, each loan was to be reviewed by the Board of Public Works and Safety to determine the status of repayment or forgiveness. Funding for these loans was made available through the City’s Jobs Creation and Investment Fund.
“Discussions with business owners highlighted how the financial assistance was able to provide temporary relief and allow them to adapt in order to sustain operations,” Barton said
The Paper of Montgomery County was one of the 42 businesses that received a loan.