New Castle Main Street, a 501c3, is accepting tax deductible donations on behalf of the EDC’s Enterprise Loan Fund (ELF) to help businesses impacted by COVID-19. Donations will go directly to the EDC’s ELF funding and will help small businesses in Henry County navigate the fallout from this crisis.
Enterprise Loan Fund (ELF)
The New Castle Henry County Economic Development Corporation (EDC) is re-purposing its existing Enterprise Loan Fund (ELF) in response to the COVID-19 pandemic. The fund was originally created through a partnership with the USDA Rural Business Enterprise Grant program and local resources. Here is a brief description of the ELF program:
- Loans up to $7,000 will be considered
- Interest only payments for 6 months
- Fixed Interest Rate between 3.5% and 4.5%
- Loan Term: 24 months (loan paid off by 24th month)
- Small business located in Henry County, IN with up to 30 employees are encouraged to apply
- Use of funds: offset COVID-19 losses, maintain employees, provide PTO for employees
- Funds are limited. Loans will be awarded based on impact. Not all applications will be funded
- Applications are accepted on a rolling basis until funding is depleted.
- Closing costs are paid by the EDC
- Application fee waived
Businesses are invited to apply for these funds by completing this preliminary application: https://forms.gle/zhEKMJQmZSNvUKkL8
Applicants will be required to submit 3-5 years of profit and loss statements or tax returns and a current balance sheet. Applicants in business for less than three years will be evaluated on a case-by-case basis. Each applicant will be asked to connect with a representative from the East Central Indiana Small Business Development Center (SBDC), and this representative will provide a brief review and recommendation to the EDC.
This is a loan program, not a grant. Re-payment is required. A loan contract with security, including personal guaranty required before funds are disbursed.
This is an Equal Opportunity Program. Discrimination is prohibited by Federal Law. Complaints of discrimination may be filed with the USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W. Washington, D.C. 20250-9410 or call 1-800-795-3272 (voice) or 202-720-6380 (TDD).The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or a part of an individual’s income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at 202-720-2600 (voice and TDD)