HomeMy WebLinkAbout2022-R-05 Amendment to 2022-R-6A Jeffersonville Sustains Covid-19 Small Business Loan Program RESOLUTION NO. 2022-R- ,5
BEFORE THE COMMON COUNCIL
FOR THE CITY OF JEFFERSONVILLE, INDIANA
AN AMENDMENT TO RESOLUTION NO. 2020-R-6A
"THE JEFFERSONVILLE SUSTAINS
COVID-19 SMALL BUSINESS LOAN PROGRAM"
WHEREAS, on May 8, 2020 the Common Council for the City of Jeffersonville
(hereinafter"City Council") passed Resolution No. 2020-R-6A. The resolution was promulgated
in direct response to the onset of the COVID-19 Pandemic;
WHEREAS,the referenced Resolution had attached a document entitled "Exhibit A"and
was adopted thereto. "Exhibit A"fully outlined the JEFFERSONVILLE SUSTAINS SMALL
BUSINESS FORGIVABLE LOAN PROGRAM (hereinafter"Program");
e.
WHEREAS the Program provided emergency assistance to 35 approved loan applications
to unique businesses within the City of Jeffersonville in the amount of$172,000;
WHEREAS, at the conclusion of the outlined program 34 of 35 approved businesses
successfully complied with the terms of the program, paying back$51,000 if the total amount
pledged to the program;
WHEREAS, One Southern Indiana (hereinafter"1si"), in partnership with the City
Council,was the facilitator for the program;
WHEREAS, 1si has recouped the $51,000 as outlined in the terms of the program;
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WHEREAS the program states, in partial part, that... "funding recouped by isi, either
through partial or total loan repayment,shall be kept in a fund available for disbursement to
Jeffersonville Businesses in the event of a future State of Emergency declared by the
President or the Indiana Governor";
WHEREAS 1si has developed the ONE Fund Revolving Loan Program (hereinafter"ONE
Fund")to assist small businesses in and around the City of Jeffersonville; and
WHEREAS the City Council wishes to amend the prior restrictions on funding recouped
through the program for use by 1si and to permit the funds recouped to be utilized by The ONE
for eligible Jeffersonville Businesses.
THEREFORE, BE IT RESLOVED by the Common Council of the City of Jeffersonville,
Indiana:
1. That the section of"Exhibit A"to Resolution No. 2020-R-6A, entitled Recouped
Program Funding shall be amended to set forth as follows:
Recouped Program Funding
Repayment will be collected from loan recipients via ACH (as set up
during the loan closing proves).Funding recouped by Isi, either through
partial or total loan repayment,shall be utilized for further assistance to
Jeffersonville Businesses via The ONE Fund Revolving Loan Program, as
determined necessary at the sole discretion of One Southern Indiana.
This resolution shall be in full force and effect from and after its passage and approval.
Vo ed For: Voted Against:
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PASSED AND ADOPTED by the Common Council of the City of Jeffersonville,Clark County, Indiana upon
this_ILday of -m 7 , 2022.
Matt Owe ,Prent
ATTEST:
Atij
Li Gill,Clferk
PRESENTED by me to the Mayor of the City of Jeffersonville,Clark County,Indiana upon this / 7 day
of nti ,2022.
I _Aeil
•
L a Gill, erk
SIGNED and APPROVED by me upon this 2.6 day of I r 2022.
M
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Mike Moore Mayor
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