The City of Bloomington still has nearly $1.9 million in its Rapid Recovery Fund-a relief fund set up for local businesses.
Alex Crowley is the director of Economic and Sustainable Development Department for the city of Bloomington. He headed the Economic Stabilization and Recover Working Group, which set up the loan program.
He says as of this week, the city has approved 19 requests for loans—totaling $460,000.
There are 21 applications pending review and 121 applications still in progress.
This means roughly $1.89 million is still available in the fund.
These are loans that will have to be repaid once the health crisis is over.
Earlier this month, the Bloomington City Council allocated $2 million from the 1 percent food and beverage tax the city has been collecting, and $350,000 from the Bloomington Urban Enterprise Association to provide emergency financial relief for local businesses.
For any more money from the Food and Beverage Tax Fund to be allocated for financial relief to local businesses, it will need to be approved by the city council.
The $350,000 supplied by the BUEA is part of a $500,000 total it provided for COVID-19 releif in the city. Here is how the rest of the BUEA's fund was distributed-
Operational Support for the ES&R Administration: $12,500
Emergency Opperational Support Art Grant: $112,500
Emergency Economic Indepednece Scholarships: $25,000
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