Resolution 05 - Resolution Establishing a Small Business Covid-19 Relief Program

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=1111101r•1 MOORESVILLE SMALL BUSINESS COVID-I9 RELIEF FUND The Mooresville Small Business COVID-19 Relief Fund is a partnership program between the Mooresville Redevelopment Commission and the Morgan County Economic Development Corporation (MCEDC) to support recovery andjob retention for existing small businesses in the Consolidated Mooresville Economic Development Area Allocation Area (the "Mooresville TIF District") impacted by COVID-19. The program will end when funds run out. There is no fee to apply. Details: • Loan amount is limited to the lesser of: (i) Three (3) months rent/mortgage; or (ii) amount expended on the construction, rehabilitation, or repair of commercial propertylocated within the Mooresville TIF District within the prior 24 months; or (iii) $5,000 • Approved Applicants may choose between the following terms: (i) 0% 24 month microloan OR hi) 2.5% 60 month microloan for any working or non -working capital expenditures • Loan repayments are deferred for 6 months • Funds must be used to offset COVID-19 losses, maintain employees or provide PTO for employees • Funds are limited and not all applications will be funded • Applications are accepted on a rolling basis until funding is depleted • Each Applicant will be encouraged to meet with the Indiana Small Business Development Center (ISBDC); Applicant's information will be provided to ISBDC directly Qualifications: • Business entities (including sole proprietorships) located in the Mooresville TIF Districtrand that have been negatively impacted by COVID-19 • In business for at least two (2) years • Preference to Applicants with fewer than 25 employees • Within the last 24 months, Applicant or Applicant's landlord, as applicable, must have expended at least the requested loan amount on the construction, rehabilitation, or repair of commercial property located within the Mooresville TIF District • Applicant must be registered with the Indiana's Secretary of State, as applicable • Credit check and evidence that Applicant is not subject to any legal judgement • In good standing with Mooresville, MCEDC, Morgan County and the State of Indiana • Applicant must have applied, or commit to applying, for the Paycheck Protection Program (PPP) To Apply: • Complete the application form (see attached) • Email the following to mcedc@morgancoed.com o Completed application form o Executive Summary of Business Plan (or similar document) o Copies of FY 2018 and FY 2019 Profit & Loss Statements o Copy of current balance sheet o Summary explaining why you need the assistance and the intended use of the funds All decisions, including without limitation approving applications, shall be made in the sole discretion of the COVID-I9 Relief Fund Committee. The COVID-19 Relief Fund Committee reserves the right to waive any eligibility requirements in their sole discretion. The Mooresville Redevelopment Commission is providing the seed money for the Small Business COVID-19 Relief Fund. As such, it is a statutory requirement that the business must reside within the TIF District. Exhibit A