Boone County Small Business Economic Relief Fund
The Boone EDC is offering the Boone County Small Business Economic Relief Fund for Boone County established small businesses affected by the economic downturn caused by COVID-19.
What is the Boone County Small Business Economic Relief Fund?
Boone County Small Business Economic Relief Fund is a three-part program where Boone County-based existing private, small businesses affected by an economic downturn have the opportunity to:
- Apply for a maximum $10,000 loan with terms of 0% interest for 24-months or 2.75% interest for 60-months for any working or non-working capital expenditures
- Be featured through Boone EDC advocacy platform during and after their loan term through small business marketing campaigns
- Connect with Boone EDC Small Business Advocate for one-on-one business plan guidance and support throughout the term of the loan with at least one annual in-person visit and quarterly virtual meetings. Additionally, each loan recipient is granted a 30-minute complimentary advisory session with Tidal Coach’s Paul McCoy, certified business coach, to discuss the loan recipient’s implications and opportunities during COVID-19.
What is the ideal candidate?
Private, existing small businesses affected by the COVID-19 economic downturn and meet the following qualifications are welcome to apply for the Boone County Small Business Economic Relief Fund:
- Established for at least two years
- Employ 30 employees or less
- Are in good standing with the Boone EDC and the State of Indiana
- Registered business with Indiana’s Secretary of State
For additional details, please see the FAQS section. If you have any questions or would like to discuss your qualification and needs, please email Claire.
What all is needed to apply?
Boone County small businesses will need to answer the following topics in the application and supply a copy of the requested documents.
- Upload a copy of your executive summary of your business plan
- A template can be found here
- Upload copies of FY 2018 and FY 2019 profit-loss statements
- Upload a copy of current balance sheet.
- Explanation and an example of a balance sheet can be found here
For additional details on these materials, please see the FAQS section.
If you need free consulting for the executive summary of your business plan, please email Gigi Nicholas, owner of The Gifted Word, as Gigi has graciously offered complimentary services to help small businesses write the executive summary.
If you have any questions of the above materials and process, please contact Claire for examples and free advisory services.
Free advisory services are available for any Boone County small business at any time by the Boone EDC.
How do I apply?
The Boone County Small Business Economic Relief Fund application can be filled out here. A fully completed copy of the application with additional financial and business materials must be submitted to Boone EDC Economic Development Manager Claire Collett. For additional details, please see the FAQS section. Should any questions arise about the completion of the application, please contact Claire.
I've applied, now what happens?
Upon submitting your application, all applicants will meet virtually with the Economic Development Manager to discuss the business, the specific financial needs, and highlight areas of distress mentioned in the application. Following this conversation, the Boone EDC will review the application internally. Following this decision, the Economic Development Manager will then communicate to the business. For additional details, please see the FAQS section.
Frequently Asked Questions
Below lists frequently asked questions and answers to best assist you during the application process. If you have any questions, please contact Claire, Economic Development Manager, at the Boone EDC.
Q: Who will review the loan applications?
A: The Boone EDC Economic Development Manager will initially review the application and discuss the application with the point of contact on the application form. Thereafter, the application will be reviewed by the Boone EDC Microloan Committee, which is comprised of the Boone EDC Executive Director, Boone EDC Board President, and two community members.
Q: What is the executive summary of my business plan, and what all should I highlight?
A: The executive summary of your business plan is a summarized introduction of your business plan, and it should be no more than three to four pages at most. This document summarizes all the pieces of a business plan as it will include brief descriptions to the following areas: company overview, market analysis, organization & management structure, service or product you sell, marketing and sales strategy, and your 2020 financial plan. We request this because it will help reviewers better understand your company as a whole. If you have any questions on this, please contact Claire immediately.
Q: I need help writing my Executive Summary of the business plan. Who do I contact?
A: During this time, Gigi Nicholas, owner of The Gifted Word, has offered complimentary business services for small business owners who need assistance writing their Executive Summary. For more information, please email Gigi Nicholas or connect with Claire immediately.
Q: Is there a credit check with the loan?
A: Yes. The Boone EDC conducts a credit check after receiving the submitted documentation.
Q: Will my information be held confidentially?
A: Yes. All information provided to the Boone EDC and all conversations held with the Boone EDC are confidential.
Q: Do I need to repay my loan back to the Boone EDC?
A: Yes. This program is a loan program, and repayment of the loan principal and interest, if applicable, is needed to be repaid. A loan contract with security will be utilized for this loan.
Q: Is there a prepayment penalty?
A: No, there is no pre-payment penalty on either of the terms you may consider.
Q: Is this a secured or unsecured loan, and is there a personal guarantee required?
A: The loan is an unsecured loan with a personal guarantee.
Q: Are there processing fees associated with the loan?
A: Yes. If you are chosen as a recipient of the loan, you will be required to pay $85.00 of processing fees for the loan documentation.
Q: Who will review the loan applications?
A: The Boone EDC Economic Development Manager will initially review the application and discuss the application with the point of contact on the application form. Thereafter, the application will be reviewed by the Boone EDC Microloan Committee, which is comprised of the Boone EDC Executive Director, Boone EDC Board President, and one community member.
Q: I am a Boone EDC microloan recipient. Am I still able to apply?
A: All businesses that meet the Small Business Economic Relief Fund requirements, and are in good-standing with the Boone EDC, are welcome to apply, including businesses that have received a Boone EDC Microloan.
Q: I am a sole proprietor. Am I able to apply?
A: Sole proprietors are welcome to apply.
Q: Are direct sales associates, such as Pampered Chef, 31 Bags, or other like associates, eligible to apply?
A: At this time, direct sale associates are not eligible to apply.
Q: Are farms or other agriculture entities able to apply?
A: Farming corporations and other ag companies are welcome to apply as well.
Q: I am a startup business with less than one year in operation. Am I able to apply?
A: At this time, the Boone County Small Business Relief Fund is limited to businesses with operations in Boone County that have been established for at least two years. For additional resources, please visit Boone County Resources to access additional programs for small businesses.
Q: I am a Boone County small business that needs more than a $10,000 loan. Should I still apply?
A: At this time, the Boone County Small Business Relief Fund is limited to a single $10,000 loan per recipient. If you are in need of funding greater than this amount, we highly encourage you visit Boone County Resources to access additional programs for small businesses.
Q: I received a $5,000 loan when the program was first started. Can I reapply for additional funds?
A: If you previously received the Boone County Small Business Economic Relief Loan when the maximum amount was $5,000, you are welcome to reapply for an additional maximum of $5,000. Please note, it is best to contact Claire and discuss this option prior to submitting your application.
Q: I operate a business outside of Boone County. Am I eligible to apply?
A: No. The Boone County Small Business Relief Fund is available for only Boone County small businesses at this time.