Rent, Mortgage Assistance Available For Downtown Businesses

Businesses can apply by sending an email no later than Friday, April 24.

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(Madison, Ind.) - Madison Main Street has announced a new Business Resiliency Fund that will help provide grants to downtown businesses to help them cover rent or mortgage next month.

The new grant program was made possible through funding from the Community Foundation of Madison and Jefferson County Rapid Response Grant Program for nonprofits.

According to Main Street Executive Director Austin Sims, a recent survey of downtown businesses showed that 66% are concerned about making rent or mortgage payments. “Worst case, we could lose a third of our downtown businesses within the next 3 months,” Sims said. “We’re hoping this grant will help make a difference.”

Madison Main Street has only a limited amount of funds to distribute but expects the demand to be much greater due to the negative impact of business closures and cutbacks during the pandemic. Being a 501(C)(3) organization, Madison Main Street can accept contributions for the Business Resiliency Fund.

Businesses can apply by sending an email no later than Friday, April 24, to madisonmainstreetprogram@gmail.com. The email should include the number of full- and part-time employees, the amount of monthly rent or mortgage, a brief description of the negative impact, and ways the businesses have been trying to stay viable during the pandemic.

Applicants must be not-for-profit businesses in the downtown district that have been negatively impacted. The grant will match up to 50 percent of the May rent or mortgage payment, depending on funds available. Main Street hopes to extend this program into June.

Applicants will be notified of their status by April 28 and asked to fill out a simple form with additional business details.

If possible, recipients must intend to remain open through the end of the calendar year and retain employees.