COLUMBUS, Ind. — Eight more applicants have applied to the Columbus INvigorate loan program’s second round seeking a total of $168,000 in COVID-19 relief loans.
In contrast, when loan program started its first round of applications in the spring, 15 small businesses applied the first day.
“We didn’t anticipate that there would be as many (applications), but we were hoping maybe we could receive some applications from some people who, unfortunately, didn’t know about us first round,” said Robin Hilber, Columbus assistant director of community development. “… We’re glad we’ve reached a few other people.”
Columbus INvigorate is a loan program for small businesses within the Columbus city limits who have been affected by the COVID-19. Businesses are able to apply for a loan ranging from $5,000 to $25,000. These loans have a six-month deferral of interest and principal payments on the three-year terms. Interest rate after the six-month deferral would be 1%.
During the first round of Columbus INvigorate, 43 local small businesses received loans totaling $716,000, according to city records. This left about $300,000 available from the initial $1 million in city funds that Columbus City Council approved for the program in April.
