RRF funding aims to fill gaps in immediate working capital for small businesses and nonprofits (including cultural organizations) until they can resume more normal operations. Recipients may or may not have applied for additional funding through Small Business Administration (SBA) loans and other federal disaster relief funding sources. Using $2 million of the City’s share of Food and Beverage Tax funds that the Bloomington Common Council approved for expenditure April 7, plus $500,000 of additional support approved by the Bloomington Urban Enterprise Association on April 8, the City is providing these immediate loans of up to $50,000 each to sustain area businesses in the short term and foster the regional economy.
An advisory committee was appointed by the City of Bloomington to review applications and make recommendations for funding. This committee includes representatives from banking, financial services, and community organizations. Additionally, applicants may seek support on their application by contacting the City of Bloomington at email@example.com.