Lt. Governor Suzanne Crouch and the Indiana Office of Community and Rural Affairs announced August 27th that an additional 42 Hoosier communities will receive more than $10.09 million in federal grant funding through the COVID-19 Response Program. Funding for this grant is derived from Indiana’s CARES Act allocation.
LaGrange County was awarded $250,000 to provide $10,000 grants to small businesses to retain jobs held by Low-to-Moderate income employees, provide working capital and activities that support remote working. The LaGrange County Economic Development Corporation is the subrecipient of this grant and will be dispersing the grants to LaGrange county Small Business.
To qualify for the $10,000 grant a total company employment of less than 100 employees, 51% of the workforce retained need to classify as low-to-moderate income and be physically located in LaGrange County. The LCEDC will establish a committee of local business leaders to review the applications. The committee will utilize financial information provided in the application by businesses to determine the impact of the pandemic on each business. Priority will be given to those businesses that have been impacted the most. Applicants will need to show that grant funds will be used to retain low-to-moderate-income jobs.
Businesses will complete an application that includes their recent financial information and the LMI worksheet required for this CDBG program. The selection process will place a heavy emphasis on businesses that have lost revenue. The higher the percentage of revenue lost, the higher the business will score when the committee reviews the applications. Businesses will also be reviewed by the LCEDC to determine if they are a good community partner. This will include items such as the business supporting the community in charitable endeavors, support for other local businesses, and if they assist in economic development efforts.
This is a new program for the LaGrange County and the LCEDC. This program was developed at the urging of local businesses and local elected officials. Grants will be given to businesses that show a commitment to retaining jobs for at least two years. Businesses will be required to provide job numbers to the LCEDC every six months for two years to ensure they are retaining the jobs they committed to retaining.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law on March 27, 2020. Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak.
Contact Bill Bradley or Sherri Johnston at the LaGrange County Economic Development Corporation to request an application or email email@example.com. The application is also available at www.lagrangecountyedc.com.