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Posted on: November 25, 2020

City of Madison Announces Second Round of Small Business Rescue Grants

City of Madison Announces Second Round of Small Business Rescue Grants

Madison, IN— The City of Madison is excited to announce the start of the second round of our "Small Business Rescue Grant Program." Local businesses within the City of Madison corporate limits, struggling from the COVID-19 crisis, are eligible to apply for a grant of $5,000–$10,000 to retain low-to-moderate-income (LMI) jobs. Businesses can utilize this grant for working capital, rent, payroll, and other activities that facilitate the creation or retention of LMI jobs.

Qualifying businesses with 20 or fewer employees must demonstrate that at least 51% of employees are LMI. Other key deciding factors are the ability to demonstrate need based on the direct correlation of business disruption due to COVID-19 and LMI job retention and creation that will be possible with the requested funding.

The Grant Review Committee will comprise the current Revolving Loan Committee, all of whom have extensive experience with small business financial planning. The committee will be tasked with ensuring applicants meet all eligibility requirements of the program. Applications will be accepted up to the end of the business day on December 4th

 "The initial round was able to assist ten small businesses in our community who are committed to remaining open and helping employees battle through the economic implications from COVID-19. Round Two is being launched because of demonstrated need, available funds, and proof that the impact is long-term. I am grateful to Governor Eric Holcomb, Lt. Governor Susan Crouch, and the team at OCRA for their support. In combination with funding from the City of Madison, this grant will contribute $300,000 toward the Mobilize Madison, Bringing Business Back to Business initiative at a time when it is most needed," said Mayor Bob Courtney.

 For a complete list of program guidelines and specific requirements, please contact Economic Development Director Matt Wirth at mwirth@madison-in.gov.

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