Small Business is changing. As you pivot to meet these changes, prepare for a new normal now by applying for the Small Business Economic Relief Fund to creatively support your business during this unprecedented time. Our simplified loan process has a typical turnaround time of 5 to 7 business days once we receive the application, and we are postponing the payment start date during this period of uncertainty.
We are grateful for the generosity of the Boone EDC’s private and public donors that has allowed us to raise the Boone County Small Business Economic Relief Fund loan amounts up to $10,000.
The Boone County Small Business Economic Relief Fund is applicable for any working or non-working capital expense. What does this mean for a small business owner? Loan recipients can use the funds creatively to pay for most of the costs associated with operating a business as well as those expenses for facility or equipment upgrades to meet changing restrictions. Here are some creative suggestions for the loan:
- Website and E-Commerce– With online shopping becoming more needed than ever, small businesses need to start marketing their presence online. But where to start and how to pay for it? Use the loan. Need a referral for a website designer or a marketing consultant? Contact us. Do you then need to ship these items? We can help financially with that, too.
- Social Media Marketing– Need to find new audiences to help generate revenue, but don’t have enough cash on hand to do a paid social media campaign? The loan can assist you as you reach new audiences around the world.
- PPE & Other Safety Equipment- Use the Hoosier’s PPE Marketplace and the loan to purchase the items you need to safely run your business.
- Remodel facility or invest in facility improvements – With the current guidance to adhere to social distancing protocols, businesses may find the need to remodel specific areas in their business or even expand their footprint. Additionally, some businesses may be taking this time to help renovate their storefronts or redecorate. If this is the case, the relief fund loan can assist with any non-working capital expenditure, such as a storefront remodel, expansion, or facility improvement.
- Payroll– Did you have to furlough and lay-off employees that you wish to rehire immediately? The loan is available to use for any payroll expense, including salaries & benefits and payroll taxes.
- Inventory– Are you worried about supply chain shortages and the adverse effect on your stock?. Use the loan to purchase additional inventory to continue selling both online and in person.
These are just a few ways the Boone County Small Business Economic Relief Fund can help you during this ever-changing time. Whether you need $500 to $10,000, the Boone County Small Business Economic Relief Fund is here to help. Call us. Email us. Visit us online.