The Boone County Economic Development Corporation (Boone EDC) has approved its first loan recipients of the Boone County Small Business Economic Relief Fund. No Label Studio and Eagle Insulation & Construction, both of Zionsville, are awarded funds to assist operations affected by COVID-19.
The Lebanon City Council has also added $50,000 to the loan program to be designated for Lebanon small businesses. The announcement of these much-needed loans comes at a time when federal funding is in short supply for small businesses. The Boone EDC and City of Lebanon are joined by initial supporting partners, MonoSol and Allman Johnson, CPAs, in this effort to support not only the local economy but also the local workforce. The additional funding has allowed an increase in loan amount up to $10,000 with terms spanning up to 60 months.
“I am very pleased with our City Council’s support of the Boone County Small Business Economic Relief Fund,” said Mayor Matt Gentry. “Our city’s small businesses are crucial to our economy, and this program will serve as a bridge to many of our local small businesses while we continue to move forward together.”
The Small Business Economic Relief Fund is a three-part program that offers financial relief as well as uniquely-tailored small business support.
“This is the time to not only support our local businesses and communities through financial relief but also help our small businesses adapt to a new now,” said Executive Director Molly Whitehead. “This is why we’ve created a program that also connects businesses to resources through our investors and provides one on one business support.”
No Label Studio, a high-end hair salon located in downtown Zionsville, specializes in balayage, Brazilian blowouts, color corrections, blonding, and extensions. No Label also develops and sells proprietary No Label products, including shampoo, conditioner, and several others.
Eagle Insulation & Construction, the parent company for Eagle Insulation & Construction and Eagle Restoration, strives to perform quality work on the installation of commercial and industrial mechanical insulation as well as exterior restoration caused by storm damage.
“We are grateful for the Boone EDC’s efforts to support local businesses and strengthen communities,” said Travis Turner, President of Eagle Insulation & Construction.
Like most businesses, No Label Studio and Eagle Insulation & Construction have pivoted business strategies in the wake of COVID-19. The addition of the economic relief fund loan will help the businesses support their clients’ needs in a time when spirits are low.
“We are offering to sell product and even color delivered to your home with instructions and all the tools you need. The money we make from that was not enough to cover our bills, but this loan is allowing us to continue to serve the community,” said Rio White, owner of No Label Studio.
Private, existing small businesses affected by the COVID-19 economic downturn can still apply for up to $10,000 loan for any working or non-working capital expenditures. To apply, the small business must be established for at least two years and employ fewer than 30 employees. To learn more and apply visit www.betterinboone.org/sberf.