Columbus Redevelopment Commission members have recommended the Columbus City Council approve a portion of funding for a loan program aimed at helping local small businesses obtain the financial support they desperately need to stay afloat during the pandemic.
The commission voted unanimously on Monday to recommend loaning $400,000 in Central TIF dollars to help fund the proposed loan program, called the Columbus INvigorate program.
The program would allow small businesses within the Columbus city limits the opportunity to apply for a loan ranging from $5,000 to $25,000, city officials said.
To be eligible to apply, companies must have been in business as of Jan. 1, have fewer than 50 employees, no more than $2 million in gross receipts and show a decline in revenue this year due to the pandemic.
Overall, the program would provide a $1 million loan fund from city funds administered through the Administrative Resources Association, a nonprofit governmental association.
The purpose of the program is to assist businesses in the Columbus area that have been adversely affected by the COVID-19 crisis. That would include numerous small businesses around Columbus that have closed during the stay-at-home state order issued by the state, and those that have substantially cut back their restaurant businesses to takeout and delivery as a result of the state order, said Columbus Mayor Jim Lienhoop, who presented the proposed loan program to the commission on Monday.
“It’s important to remember, these are loans,” Lienhoop said during the meeting. “This is not considered to be a grant. We do expect to get this money back.”
For more on this story, see Tuesday’s Republic.
