In November, the City of New Albany created the New Albany CARES Small Grant Program to assist small businesses with at least two, but no more than 50 employees, within the community’s corporate boundaries. The City of New Albany had received Federal COVID-19 funding earlier in the year, and City Council members wanted to designate some of those funds to assist small businesses in the community.
“We were glad to be in a position to use some of the Federal funding to help our small businesses that have made a commitment to New Albany,” said New Albany Mayor Sloan Spalding. “Many businesses are struggling at a time when every dollar can help, and for some, their company represents not just their livelihood but their life’s work.”
With program coordination assistance from the New Albany Area Chamber of Commerce, small businesses had from November 9-30 to apply for funding. In all, 30 New Albany businesses were notified earlier this week of grant assistance totaling $200,000. Individual business grants ranged from $3,000-$15,000.
Each business that obtained a grant fulfilled numerous criteria, including but not limited to:
- Being in operation on January 1, 2020;
- Not being permanently closed or currently in bankruptcy;
- Having at least two, but no more than 50 employees as of March 1, 2020;
- For profit company (non-profit organizations were not eligible to apply);
- Being current on all local, state, and federal obligations like taxes and assessments; and
- Not having been approved or likely to be approved for a business interruption insurance or other claim as a result of COVID-19 public health emergency.