Eight additional Angola businesses have been awarded a forgivable loan.

Twenty-five small businesses will now have received a total of $222,500 in 2020 and 2021. This funding is made possible by the Indiana Office of Community and Rural Affairs (OCRA) and the Angola Investment Fund (AIF).

The forgivable loan program is designed for local service and retail small businesses that had been adversely impacted by COVID-19 and the restrictions it has imposed. The funds will assist these businesses during this challenging economic period.

OCRA agreed to award $250,000 to Angola for this forgivable loan program. The City of Angola through the AIF added $100,000 to increase the total amount available for forgivable loans to $350,000. The given funds that meet certain criteria will be forgiven. Minority-owned businesses will be given priority with this program.

After considering four rounds of funding applications submitted, the committee has voted to approve 25 small businesses located in the city. The award amounts range from $5,000 to $10,000, and was determined by the adverse impact COVID-19 has had on their business.

Applications are still being taken for retail and service small businesses severely impacted by COVID-19. Please go to the city’s website to learn more about the funding and how to apply.