City of Mishawaka creates small business loan program

-
1:25
Cooling trend continues through midweek
-
2:17
East Race Waterway splashing into their 39th season in South...
-
1:24
Slightly cooler week ahead
-
2:02
Low rain chances, high temperatures this week
-
1:25
Police investigate multiple shots-fired events in South Bend
-
2:42
There’s a reason you’re sneezing this season
-
2:27
Rainy Saturday night, but dry Sunday and most of the week
-
1:36
Hot again today with a chance for a few storms tonight
-
2:26
Color For Kids Fun Run raises money for local youth
-
2:42
Keeping prescription bottles full or wallets full, doctors warn...
-
1:47
Dry streak continues through start of the weekend, but showers...
-
2:32
Science with Meteorologist Maci Tetrick at Holy Family School
MISHAWAKA, Ind. – The City of Mishawaka has created a small business loan program that will provide financial relief for business hit hard by the COVID-19 pandemic.
The City partnered with Lake City Bank in order to make the loan program possible.
“This loan program is part of a multifaceted approach aimed at helping the people and businesses in Mishawaka weather the current crisis,” Mayor Dave Wood said in a press release. “The City has already allocated more than $280,000 in federal grant funding to help Mishawaka citizens with basic needs.”
The City is offering maximum loan amounts of $10,000 at an interest rate of 0% for the first six months.
Payments will be deferred for the first six months and borrowers will have 18 months to pay off the loan.
Funding for the $500,000 program was made possible via capital expense refunds from the City’s Tax Increment Finance District.
For more information, visit the website for Lake City Bank.