Daviess Fiscal Court and the Green River Area Development District will provide small business loan assistance to four area businesses.
In May, GRADD, through the approval of the U.S. Economic Development Administration, was able to use $250,000 of its revolving loan fund to offer COVID-19 Relief Loans to small businesses in the GRADD region in amounts ranging from $5,000 to $25,000.
The loans were deferrable for up to six months with interest accrued at 2.44% with terms up to 36 months.
Four Daviess County businesses — Easy-Fix Appliance Repair, Tom Blue Furniture, Brackin’s Grooming and Hollison, LLC — took advantage of the loan program.
The court will be stepping in to ease some of the financial burden incurred by those businesses by the coronavirus, said Daviess County Judge-Executive Al Mattingly.
“We will be making the first loan payment due at the end of that six months,” he said. “The court appreciates the effort of local small businesses to endure and adapt during these trying times. We continue to offer our support and hope that our contribution allows you to continue focusing your efforts on operating your business.”
In addition to the Daviess County businesses, 14 small businesses in the GRADD region received aid through the loan program, including BFD Enterprises, Hancock County; McCord’s Lawncare, LLC, Up in Smoke BBQ and Farmer & Frenchman, Henderson County; Farley’s, McLean County; JR Williams TV & Appliance and Cafe at the Dam, Ohio County; J & B Retailers and Tradewater, Union County; and Plus 3 in Webster County.
The current round of loan funding has been depleted for this loan program with GRADD “eagerly” awaiting an announcement of additional funds, said Gina Boaz, GRADD community and economic development department regional transportation planner.
As far as additional aid, the court is awaiting guidance on how it can use its shares of CARES Act funding, Mattingly said.
“There are conversions taking place regarding further aid to our Owensboro-Daviess County businesses, but we need to get guidance on how we will be allowed to implement the CARES funds,” he said. “The county will receive $3.4 million in CARES ACT funding, but we don’t know as of now how much is available to help with rental assistance and small businesses. We are reviewing that now and will announce to the community at a later date on how they can apply for funds.”
Jacob Mulliken, 270-228-2837, email@example.com.