JULY
Micro-Business Restart Loan Program After the mandated shut down due to COVID-19, many small businesses, especially minority- and women-owned businesses, faced challenges as they began to reopen. Loss of income during shutdown, along with the added cost of safety equipment made reopening feel nearly impossible. The Foundation’s first-ever recoverable grant provided funding for small business loans in the community to help them overcome this barrier. 16
Through community conversations, The Community Foundation learned that many small businesses were not only struggling due to loss of income during the shutdown, but they were challenged by the expenses that came along with reopening. The challenges were even greater for minorityand women-owned businesses. News reports released in late spring highlighted it was less common for small business owners who are minorities or women to have relationships with bankers than for white, male entrepreneurs. Without a relationship with a bank, tapping into federal relief funding, like the Paycheck Protection Program, was nearly impossible. To support the small business community in Muncie and Delaware County, the Foundation partnered with the Innovation Connector and the East Central Indiana Small Business Development Center to provide funding for the Micro-Business Restart Loan Program. Small businesses (5 or fewer employees), with a preference for minority- or women-owned businesses who had not received other major relief funding were eligible to apply for nointerest loans between $1,000 and $2,500 to be repaid by the end of 2020. Not only was this a pilot loan program for small
