BRADD receives grant funding to assist businesses affected by pandemic
BOWLING GREEN, Ky. – The Barren River Area Development District received a grant that will help fund a loan program for local businesses affected by COVID-19.
The district received $250,000 from the economic development administration’s Cares Act Recovery Assistance Grant in order to better serve local businesses through a revolving loan fund.
“A revolving loan is simply that. It revolves back in. So since this is a grant fund from the Economic Development Administration, the idea is that when that applicant completely pays back in their funds, it revolves back into the program to be used for future applicants and future projects,” said Sexton.
The goal of the loans is to assist small businesses that have been impacted by the coronavirus.
These loans can range anywhere from $5,000 to $25,000 and will be used for meeting short-term working capital needs such as payroll, rent, utilities, supplies and other various expenses.
“It’s hard sometimes just to be a small business. So to be able to maintain employees and services and continue your business is probably one of the biggest obstacles because of the rules and regulations that are in place for the public safety and health of your consumer,” said Sexton.
While the money has not yet been given out to businesses, the application process for the funds has begun.