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City of Gary Provides Grants to Small Businesses with American Rescue Plan Act Money

Times Staff

Introduction

In a bid to support small businesses impacted by the COVID-19 pandemic, the City of Gary has announced a grant program using funds from the American Rescue Plan Act. The program will benefit 91 small businesses based in Gary.

Grant Details

The grant program amounts to a total of $2.5 million, with individual grant amounts ranging from $5,000 to $60,000. The initiative was launched by the Common Council and Mayor Jerome Prince in late 2020 to help small businesses overcome the economic challenges brought on by the pandemic.

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Economic Impact and Business Districts

Mayor Jerome Prince stated that over 380 applications were received for funding, indicating the significant need for financial support among local small businesses. To ensure the program’s impact on the city’s economy, a seven-member panel consisting of city officials, business representatives, and higher education professionals evaluated the applications. The panel selected businesses located within the city’s traditional business districts to encourage improvements in these areas’ appearances and increase the tax bases.

Future Funding Possibilities

Mayor Prince expressed his hope for future rounds of funding to further support small businesses in Gary. The current grant program aims not only to stimulate the local economy on a small-scale level but also to promote building improvements and renovations. With continued funding, more businesses can benefit from financial assistance, contributing to the city’s overall growth and resilience.

Support for Start-Up Businesses

The grant program also includes provisions for start-up businesses. Interested individuals were encouraged to submit applications, and 140 start-up businesses are potentially eligible for a grant once they complete start-up business courses offered by Indiana University Northwest and their applications have been assessed. This opportunity provides a boost to aspiring entrepreneurs and fosters the development of new businesses in Gary.

Additional Allocations

The City of Gary received a total federal ARPA allocation of $80.3 million. In addition to the small-business grants, the city appropriated $500,000 for grants to nonprofit organizations, which are being administered by the Legacy Foundation. This demonstrates the city’s commitment to supporting various sectors and organizations that contribute to the well-being of the community.

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