City-County Council approves $25 million to help small business
INDIANAPOLIS (WISH) – Businesses in Marion County are getting some more financial help during the pandemic.
On Friday morning, the City-County Council unanimously approved $25 million in an emergency meeting to help small businesses.
The approved money will go to the IndyChamber Rapid Response Fund, which will support the Paycheck Protection Program for small businesses in Marion County.
The Indy Chamber of Commerce has closed on 89 loans with 43 more looking to be approved.
Loan money could go out as soon as Monday.
After the council passed the measure, Indianapolis Mayor Joe Hogsett released the following statement:
I want to thank President Vop Osili for his leadership and the City-County Council for their unanimous support of this partnership with the Indy Chamber.
This unique program is testament to the innovation and bipartisanship that has always helped Indianapolis tackle big challenges, and I am confident it will help position our small businesses to take full advantage of new federal assistance. I’m particularly proud that in addition to providing paycheck stability for thousands of local employees, the Indy Chamber will also continue to facilitate programming specifically designed for those hardest hit by the pandemic, including minority and women-owned businesses.
I also want to be clear that while today’s action is a step forward, there’s much more to do. While we can take comfort in the fact that our public health strategy is saving lives, we will continue to work with state and federal leadership to bring desperately needed resources to Indianapolis to assist our small businesses and their employees.
City-County Council President Vop Osili released the following statement:
I’m grateful to my Council colleagues for their swift, unanimous action today to support the Indianapolis small business community through our robust partnership with Mayor Hogsett and the Indy Chamber. Today’s vote clears the path for the Indy Chamber to begin making loans to these vital enterprises immediately. I’m particularly thankful to the Indy Chamber for its commitment to supporting Black, Brown, and Women-owned businesses, who too often lack access to these types of resources. The road to economic recovery may be long, but the spirit of innovation and collaboration demonstrated today is a sign of our city’s strength and resilience.