Columbus considering loan fund for small businesses

The city of Columbus is moving forward with a plan to establish a loan program for small businesses hurt by the current crisis. The Columbus Redevelopment Commission agreed yesterday to a loan to go toward a fund set up by Administrative Resources Association to make loans available to businesses in the community.

Mayor Jim Lienhoop explained that the city will be making $1 million available. That will be made up of $400,000 from the Redevelopment Commission, $350,000 from the city’s General Fund, and $250,000 from the Columbus Economic Development Fund. The money from redevelopment and economic development would come from reserves, while the city General Fund money would require deferring some projects.

Lienhoop said a similar program was made available after the 2008 flood. Applications for the funds would open on Wednesday with the first round closing on April 30th. A loan committee will work with ARA on evaluating the loan applications.

The Redevelopment Commission approved its part of the funding Monday afternoon.

The loan program will go before Columbus City Council tonight. The Council will meet a 6 at City Hall with most members taking part virtually. You can watch video of the proceedings on the city website at columbus.in.gov.