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UPDATE: Lakes in Economic Distress Grant Program

UPDATE: Lakes in Economic Distress Grant Program

In an effort to inform the Businesses and people in the Buckeye Lake Area and visitors to the BuckeyeLake2030.org web site, we are posting the latest information on the GRANTS AND LOANS available for Businesses that suffered financial loss since the construction of the Dam started.

APPLICATIONS ARE BEING ACCEPTED NOW, January 26th, 2017
WILL BE AWARDED ON A FIRST COME – FIRST SERVED BASIS

Lakes in Economic Distress GRANT Program

Lakes in Economic Distress LOAN Program

Distressed Lakes Program
Buckeye Lake
Beginning on January 26, 2017, a new round of grants are available for small businesses in the Buckeye Lake region, through the Distressed Lakes program.

The program makes money available to businesses with lost revenue. There have been enhancements to the program, making it easier for businesses to qualify and receive financial assistance:

• Applications can be filed between January 26 – March 31st; a longer application period than the previous round.
• Applicants may now use any two years of revenue to reach eligibility. For example, 2014-2015, 2015-2016 or 2014 and 2016.
• Businesses which are no longer operating may apply if they had been in business for two years prior to the “distressed lake” designation [March 30, 2016] and if they intend to reopen. (Previously, only businesses in continuous operation were eligible.)
• Real estate limitations have been loosened. Hotels, motels and campgrounds are now eligible.
• To determine what are eligible expenses, a business can now look back to the date of the “distressed lake” declaration [March 30, 2016], rather than the application date.

In order to qualify for funding a business must demonstrate a 40% year-over-year loss of revenue. This is based on the federal disaster assistance eligibility guideline.
Qualifying businesses could receive a grant of up to $ 10,000.00 to be used for working capital, which is generally operating expenses, including marketing the business.

Applications are accepted as long as funds are available, for the Distressed Lakes Loan Program. Businesses can apply for two types of loans:

• Micro loans of up to $5,000 each that could be used for the day-to-day operations of the business, or
• Fixed-asset loans of up to $20,000 each or 90% of the project cost, whichever is less.

The program was created by the legislature to assist businesses who have suffered a loss as a result of the repair and construction activity at Buckeye Lake. Financial and business counseling support has been available for businesses in the Buckeye Lake region since 2015, immediately after notification by the Army Corps of Engineers that the earthen dam was at risk of catastrophic failure.

If you have questions about these programs, you can find contact information for each program administrator on the web pages provided in the links at the top of this notice.

Special thanks to Kitty Zwissler, Chair of the Buckeye Lake 2030 Government Affairs Task Force for her efforts on residents’ behalf and for creating this notice for our posting.

By | 2017-01-27T11:32:50+00:00 January 27th, 2017|Business, Updates|0 Comments

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