INDIANAPOLIS — Millions more dollars will be coming to help Marion County small businesses, after the City-County Council unanimously approved a short-term funding boost to the Indy Chamber Rapid Response Loan fund.
In an emergency session Friday morning, the council approved an appropriation of up to $25 million to the fund.
The money will be made available to the Indy Chamber to fund Payment Protection Program loans.
The council vote was 24-0.
Mayor Joe Hogsett released a statement on the funds:
I want to thank President Vop Osili for his leadership and the City-County Council for their unanimous support of this partnership with the Indy Chamber.
This unique program is testament to the innovation and bipartisanship that has always helped Indianapolis tackle big challenges, and I am confident it will help position our small businesses to take full advantage of new federal assistance. I’m particularly proud that in addition to providing paycheck stability for thousands of local employees, the Indy Chamber will also continue to facilitate programming specifically designed for those hardest hit by the pandemic, including minority and women-owned businesses.
I also want to be clear that while today’s action is a step forward, there’s much more to do. While we can take comfort in the fact that our public health strategy is saving lives, we will continue to work with state and federal leadership to bring desperately needed resources to Indianapolis to assist our small businesses and their employees.
The fund will have a big impact on Indy businesses.
This is typically the busiest time of the year for Hinchman Racing Uniforms. Located on Gasoline Alley, they make custom racesuits for drivers all across the country. The COVID-19 pandemic is hitting their business hard.
"It's had a huge effect on our business," Nancy Chumbley, who has owned the business for 21 years, said. "When they closed racing down virtually our phones stopped ringing."
Chumbley said the business has weathered storms before but never anything like this.
"People now instead of buying a race suit they are trying to feed their family," Chumbley said.
Since launching the Rapid Response Program about a month ago, the Indy Chamber has closed on more than $1.8 million in loans.