Description:

The City of Bloomington can utilize the above-mentioned funds to create a Bloomington Rapid Response Fund (RRF), to assist Bloomington-based businesses and nonprofits with short term funding support during the COVID 19 Emergency. The goal is to help these employers maintain solvency pending CARES Act and other federal, state, and local funding relief.

The fund is intended to assist small local businesses and nonprofits that are low on capital to retain employees and otherwise maintain economic viability. Funds may be used as a bridge loan until additional bank or SBA funding becomes available. The fund is not designed to generate an ROI but aims to recoup its investment with minimal loss. Loan approval is at the discretion of the Rapid Response Fund Advisory Commission (RRF Advisory Commission), appointed by the Mayor.

If you have questions, please e-mail economicvitality@bloomington.in.gov.