HOW DO I KNOW IF MY BUSINESS QUALIFIES FOR THIS LOAN?
Business Needs to be in Delaware County, IN
All applicants must have their business located in Delaware County, IN.
Limited Number of Employees
Businesses must be independently-owned for-profit businesses and limited to a maximum of five (5) full-time employees.
No Prior Business Funding
Businesses who have received funds from either the Paycheck Protection Plan (PPP), the Emergency Injury Disaster Loan (EIDL), or other major relief funding are not eligible for this loan.
Actively in Operation in January 2020
To be eligible for this loan, the business must have been actively in operation with sales in January 2020.
IMPORTANT DOCUMENTS TO REVIEW
Guidelines for the Delaware County Micro-Business Restart Loan Fund:
By clicking the link below you will find the Guidelines for the Delaware County Micro-Business Restart Loan Fund. All applicants must review these documents.
Guidelines for the Delaware County Micro-Business Restart Loan Fund
Fair Lending Statement:
By clicking the link below you will find the Federal Fair Lending Regulations and Statutes
Overview. All applicants must review this document.
LOAN INTEREST AND REPAYMENT
Loans will be awarded in amounts from $1,000 – $2,500.
No interest will be paid during the loan terms. There is, however, a 2% (of the loan amount) Administrative Fee that is due at loan closing. Cash, Checks (payable to the Muncie Innovation Connector Inc) or major credit cards are accepted.
(Example: Loan Amount, $2,000 x 2% Administrative Fee = $40.00)
Loan repayments will typically be due as follows:
Payment # 1: One-half of the loan – October 15, 2020
Payment # 2: One half of the loan – December 18, 2020