Monticello, IN – Small Business Loan Program
Agency / Department: Monticello, IN
Resource: Small Business Loan Program
Details: The maximum possible award for any applicant within the city limits will be capped at $5,000, but because the Small Business Loan Program has limited funding, not all loan requests may be approved or approved at the level requested. Applications will be reviewed by a selection committee.
Terms of the loan will be for a fixed period of two years at 1% interest. If the borrower has satisfied terms of the loan agreement and promissory note by its maturity date, the loan will be forgiven and essentially become a grant — so long as the business stays open during the term of the loan.
Small businesses must be current on all taxes, not in violation of any federal, state or local codes and ordinances, be credit-worthy, and other criteria as determined by the council.