LOUISVILLE, Ky. (WDRB) -- Some financial help could be coming to small businesses in New Albany impacted by construction.
Several business owners have complained that a multimillion dollar road project on Main Street is causing them significant losses.
They say the orange barrels and detour signs have blocked customers from getting to their shops.
According to One Southern Indiana, the New Albany Central Business District Loan Program will offer three-year no-interest loans up to $25,000. The money can be used to help cover overhead and operation costs like payroll, rent and utilities. The first payment would be due on Jan. 1, 2024.
Eligible businesses must operate out of a “brick and mortar” location as an in-person retail, restaurant or bar, or personal services establishment. They must be able to show a current lease agreement, building loan agreement or building ownership. They must have 50 or fewer full-time employees, have been in business at least two years and have no federal or state liens nor any outstanding judgments.
One Southern Indiana did a similar program for New Albany businesses in 2020 for the pandemic and president and CEO Wendy Dant Chesser said in a release the hope is to help businesses deal with the downtown improvements and the Sherman Minton Bridge Renewal Project.
"This ‘double whammy’ has dramatically curtailed customer traffic to many downtown businesses, affecting both their short-term revenue and long-term viability. Our hope is that the availability of these no-interest loans will sustain them until customer traffic can return to normal levels," Chesser said in a release.
Loan applications will be accepted from Jan. 30 through Feb. 10, 2023. To request information and complete eligibility requirements, email Mike Fulkerson, the Small Business Navigator at One Southern Indiana, at MikeF@1si.org.
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