Knightstown businesses create loans for other local businesses

Posted at 11:09 AM, Apr 24, 2020
and last updated 2020-04-24 11:12:28-04

KNIGHTSTOWN — As many small businesses are turning to federal loans to help them during this time, one municipality is offering another option.

A few local donors in one Indiana town have come together to ensure the smaller shops can stay afloat.

Small businesses are what Knightstown is made of, so with COVID-19 closures threatening the possibility of some of these shops to reopen, the owners of larger businesses have stepped up to lend a hand.

"No one steps into a business thinking ... you know, maybe there is going to be a global pandemic around the corner... that never really crossed anyone's mind when this was happening," Lauren Owen, the owner of Ye Old Corner Bakery, said. She had opened her bakery just days before the pandemic forced her to close her doors.

Small businesses in Knightstown can apply for a loan through the Business Survival Plan created by the Knightstown Chamber of Commerce. The loans help with rent, utilities and other payments.

"A few of the larger businesses in town were willing to provide seed funding for the program," Roger Hammer, the president of Knightstown's Chamber of Commerce, said.

Knightstown's businesses are grateful for the safety net but are not surprised.

"I think it's wonderful, but I'm not a bit surprised because that's how Knightstown is," Diana Eyster, the owner of "Timeless Furnishings," said. "We'll get through this together."

The funds are being provided by the owners of CFH Enterprises, who are developers in the community, and the owners of Hoosier Feeder and Citizen State Bank. So far, that seed money has grown to a little over $15,000 to assist the small businesses of Knightstown.