Logansport will be offering forgivable loans to help businesses hit by the COVID-19 pandemic.
The application process starts Wednesday.
The City Council approved the ordinance for the loans at its Monday meeting after weeks of working with Bill Cuppy, president of the Logansport/Cass County Chamber of Commerce and Cass-Logansport Economic Development Organization.
The $250,000 for the loans will come from the County Economic Development Income Tax money.
The purpose of the loans is to sustain businesses with fewer than 20 employees and have them retain employees, according to the program’s fact sheet.
Applying businesses can get up to $5,000 if they meet qualifications and may not have to pay it back if they meet all requirements.
“The whole point of this is ‘forgivable’ unless there are some things they don’t do properly,” Cuppy said. “Then it turns into a loan.”
Mayor Chris Martin said that there’s been a lot of concern from business owners about surviving.
“Hopefully, this will help a lot of people,” Martin said.
The Pharos-Tribune will have more details coming.