City of Angola, Indiana

Supporting Small Business Sustainability and Growth

As of April 4, 2022, the AIF/OCRA Small Business Forgivable Loan Program is no longer accepting applications.

The City of Angola is pleased to announce that it is a recipient of a second Community Development Block Grant through the Office of Community and Rural Affairs. The purpose of these funds is to support small, local businesses in the service and retail industry needing resources for working capital and operating expenses to assist in recovery as a result of COVID-19.   

The Angola Investment Fund (AIF) will be responsible for managing the Angola AIF/OCRA Fund in selecting businesses to receive loans. Loans meeting certain criteria will be forgiven. Minority-owned businesses will be given priority with this program. Please see the application for more information and check out our tips when applying at the bottom of the page.

Those wanting to apply will need to create an account on the Grant Interface (at the link above) to access the grant application. The name of the application is the "Angola Investment Fund/OCRA Small Business Loan".  To fill out the application click on the blue "Apply" button while using the interface.

Frequently Asked Questions:

• How do I apply? The application is online and must be applied for through this grant interface. Applications should be completed online by the first or third Wednesday of the month to be reviewed by the AIF board. The AIF board currently meets the 2nd and 4th Wednesday of the month to review applications. All documentation must be included in order to be reviewed.

• How much money can my business apply for?  Up to $10,000.

• Who is eligible?  For-profit businesses registered with the State of Indiana  in the service and retail industry. The majority of employees must qualify as low to moderate income, with an income cap for eligibility per employee at $39,050. The business must have been negatively impacted by the COVID-19 pandemic and must be located within the Angola, IN corporate limits. 

• What is the interest rate for the loan?  There is a one (1) percent monthly compounded interest rate.

• Can the loan be forgiven?  The loan may be forgiven if certain criteria are met. 

• If my business is able to get a loan, when will I have to start paying it back?  All loans will have an automatic six-month payment deferral period at the start of the loan.

• What types of things are eligible to be funded by the grant? Mortgage/rent, utilities, insurance and property taxes. 

• Is payroll eligible for the grant?  No. Payroll is not an eligible for funding through this grant.

• Are business supplies, equipment, and advertising eligible for the grant? No. Business supplies, equipment, and advertising are not eligible for the grant.

• Can I apply more than once? If you have applied and you've completed the process of repayment or forgiveness, you may apply for the loan for this new Phase.

Tips when applying:

• You may have to combine your files to create a single pdf.
• If your file is too large either compress the file or rescan your file to the lowest dpi where the file is still readable. Most of the uploads need to be 2MiB or 3MiB.
• Don't upload files that are secured with a password.  Print, then rescan without the security code before uploading.  
• If you are the owner of the business and have no other employees, you must still upload an income survey reflecting your income.
• Don't submit your application until you have all of your documents uploaded. This will cause delays in the review of your application.