Frankfort Redevelopment Commission and the City of Frankfort have developed a forgivable loan program to provide financial relief for small businesses with a direct financial impact resulting from the Covid-19 crisis. Eligible businesses must be located within the Frankfort TIF District and have five employees or less. Other criteria include having no current property tax liens or legal judgments. Eligible businesses cannot be a part of a national chain or franchise.
The maximum forgivable loan amount is $2,000. These loans have no-payment and no-interest and are 100 percent forgivable after 12-months if the business continues to operate and does not relocate outside of the Frankfort TIF district. Applications will be accepted beginning Wednesday, April 15, 2020, and will close on July 1, 2020.
Frankfort Redevelopment Commission president Joe Palmer recognizes the struggle downtown businesses are facing saying, “We want to help our small businesses and show them we haven’t forgotten about them. This forgivable loan program is a step in the right direction.”
Application processing and loan administration is being managed through Frankfort Main Street. Online applications can be found at www.frankfortmainstreet.com. Each application will be reviewed on a first-come, first-served basis. Any business with questions about the application process can call Kim Stevens with Frankfort Main Street at (765) 654-4081.