News

Applications for “Jeffersonville Sustains” Forgivable Loan Program Available to Assist Local Businesses with Recovery

May 12, 2020 (Jeffersonville, Ind.) – On May 8, 2020, officials from the City of Jeffersonville, in partnership with One Southern Indiana (1si), the chamber of commerce and economic development organization for Clark and Floyd counties, Ind., established a forgivable loan fund of up to $250,000. Called “Jeffersonville Sustains,” the program will provide access to operating capital for specific small businesses within the City of Jeffersonville that have been negatively impacted by the 2020 COVID-19 pandemic. Qualified business must be locally owned and operated restaurants, including bars, entertainment venues, boutiques, salons and retail shops not part of a national chain or franchise.

City Council President Matt Owen provided the vision and shared his support for the program. “A significant portion of the City’s tax revenues are derived from property tax and local income tax. If local, small businesses are unable to remain operational and pay wages to their employees, the City loses those receipts,” he said. “A lot has gone into building our small business community in Jeffersonville. This program is set up to protect that investment.”

The request process opens today, May 12th, and applications will be accepted through Monday, May 18th, at 5 p.m. You may access the application and other relevant information by visiting the 1si Covid-19 Response page at www.1si.org/covid-19 or later this week, at the 1si Reset website at www.1si.org/soin-reset. You may also obtain a hard copy of the application with instructions for submission at the main office of SoIN Tourism, located at 315 Southern Indiana Avenue, Jeffersonville, Ind. A second application process will open on May 19th, if funds are not exhausted.

According to loan organizers, the purpose of the zero percent forgivable loan is to keep small businesses viable through the COVID-19 pandemic and recovery. Loan amounts up to $5,000 will be considered and are forgivable after initial repayment terms are met. The term of the loan repayment is fifteen (15) months, with first payment due on 10/1/2020.

As Vice President of the City Council, Scottie Maples stated, “It is in the best interest of the City to engage in every effort possible to breath life into the local, small business community. This program will do that for several of our unique businesses that have nowhere else to turn.”

Funds will be awarded based on demonstrated need and may only be used to assist with payroll expenses, rent and utilities. The appointed loan committee will review applications and required documentation and recipients will be notified by Friday, May 22nd at 5 p.m.

President and CEO of 1si Wendy Dant Chesser commented, “Just as all citizens and leaders of Southern Indiana came together to fight this health crisis, we are now watching as that same compassion is addressing the economic effects. Very few businesses – regardless of size – can survive two months with limited or no income. The Jeffersonville Sustains program will help the City’s public-facing establishments shore up their finances so they can overcome the economic effects of the pandemic.”

About One Southern Indiana:

One Southern Indiana (1si) was formed in July of 2006 from the Economic Development organization serving Clark and Floyd counties and the Chamber of Commerce. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the Southern Indiana / Louisville metro area.

Since its inception, the organization has evolved to include a three-prong approach to serve its members and investors. Business Resources, as the chamber side of the organization, encompasses membership, signature events and programs which support and encourage business growth; Economic Development works to grow the regional economy through the attraction of new commerce and assists with retention and expansion of existing businesses; Advocacy supports businesses at the government level by engaging in the initiatives to preserve, protect and promote a business friendly environment free of obstacles to growth and development of commerce. More information on One Southern Indiana is available at www.1si.org.

Media Contacts: One Southern Indiana — Wendy Dant Chesser, (812) 945-0266, Wendy@1si.org