Columbus small business loan program taking applications

A program to help small businesses in Columbus is ready for its second round of applicants.

Robin Hilber, with the city’s community development department, says that the small business loan program, called Columbus INvigorate, is offering loans to help companies affected by COVID-19. Although about $700,000 was awarded in the first round, there is still about $300,000 to award, she said.

Businesses must be in the City of Columbus, have been established and operating by January 1, have fewer than 50 employees, have no more than $2 million in gross receipts, and show a decline in sales as a result of the pandemic.

Loans will carry a 1% interest rate and interest and principal will be deferred for six months. The loans must be used for business expenses and can not be used for debt consolidation. Businesses must commit to remain open and to retain employees.

Applications are due by September 30th. But, funds will be loaned on a first come first served basis for businesses that meet eligibility criteria.

You can get more information and apply at www.columbus.in.gov/columbus-invigorate.