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For Release: Wednesday, August 19, 2020 Contact: Cheryl Blackman, CDC of Fort Wayne, Cheryl.Blackman@CityofFortWayne.org CDC Awarded $5.6 Million Grant to Assist Local Businesses Fort Wayne, Ind. – The Community Development Corporation of Fort Wayne (CDC), a City of Fort Wayne sponsored non-profit, has been awarded a $5.6 million grant to assist Allen County businesses in their recovery from the effects of the COVID-19 pandemic. The money was awarded to the CDC by the Economic Development Administration, a division of the U.S. Department of Commerce, and will be used by the CDC to create the COVID-19 Recovery Loan program for for-profit businesses located in Allen County. The loan program will be similar to the CDC’s existing Business Development revolving loan program with a few enhancements. The Recovery Loan program will offer: • Loans from $30,000 to $300,000 through August of 2022 or until funds have been fully committed, whichever is earlier; • Up to $100,000 available for working capital with inventory and more available for capital expenses; • Application and commitment fees will be waived; • Job creation commitments will be waived; • The interest rate will be temporarily reduced to 2% until May 2021; • Leverage requirements will be waived and • Borrowers do not need to demonstrate that the business can get credit from another lender. “For over 40 years, the CDC has partnered with many fiancial institutions to provide businesses in Allen County with capital to complete their projects,” said Cheryl Blackman, Executive Director of the CDC. “Now more than ever, we must double down on our commitment to provide capital to the businesses in our community and support them in their efforts to succeed during these uncertain times.” Anyone interested in learning more about the Recovery Loan program should contact the CDC at 260-427-1125 or visit our website (fb)