Indiana Governor Eric Holcomb recently approved $30 million in federal funding made available through the CARES Act to launch the Small Business Restart Fund.
The purpose of this new state fund is to issue grants to small businesses (under 100 employees) to help accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic. Eligible Indiana small businesses can seek reimbursement for up to 80% of qualified expenses, such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.
The Noble County Economic Development Corporation (EDC), prior to the announcement of the Restart Fund, launched a similar program called the COVID-19 Impace Micro-Grant program, and has been accepting applications from Noble County small businesses.
The Restart Fund, stipulates that anyone who receives funding through Indiana's Community Development Block Grant (CDBG) program is not eligible to apply. Noble County's Micro-Grant is funded by CDBG funds.
To help local businesses compare programs, the EDC has published a table that compares program eligibility and requirements. SHOPNoble encourages local small businesses to review both programs to determine which is the better fit. Prior to issuing any checks, the EDC will make sure all local Micro-Grant applicants are assisted in making an informed decision, one in their best interest.