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Ninety-one Gary-based small businesses will benefit from grants funded by the city’s American Rescue Plan Act money, the city announced.
Grant amounts range from $5,000 to $60,000. The $2.5 million grant program was created by the Common Council and Mayor Jerome Prince late last year as a way to assist small businesses overcome the negative economic impacts of the COVID-19 pandemic.
“We received over 380 applications for funding,” Prince said. “Due to the overwhelming number of applications, our review committee developed a standard that prioritized funding.”
The seven-member panel of city, business and higher education representatives narrowed the grantees to businesses that met submission requirements and were also located within the city’s traditional business districts in an effort to encourage improvements in the appearances of the areas as well as increase the tax bases.
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“The city of Gary is supportive of all businesses, which made the selection process very difficult,” Prince said. “The committee, with its selections, sought to both encourage building improvements and renovations as well as to stimulate our city’s economy on a small-scale level. It is my hope that there might be another round of funding in the future.”
Individuals interested in starting businesses were also encouraged to submit applications. A total of 140 start-up businesses are potentially eligible for a grant once start-up business courses are completed and their applications have been assessed, the city said. Indiana University Northwest will offer the courses.
The city’s federal ARPA allocation totaled $80.3 million. In addition to the small-business grants, the Gary appropriated $500,000 for grants to nonprofit organizations. Those grants are being administered by the Legacy Foundation.
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