COLUMBUS - State Senator Troy Balderson (R-Zanesville) is urging qualifying small businesses to take advantage of the second round of funding available for companies affected by the Buckeye Lake dam rehabilitation project.

Applications are now available through the updated Distressed Lakes Grant Program, which will provide additional economic distress assistance for businesses impacted by lower water levels, especially those lining the lakeshore. Applicants are eligible for grants of up to $10,000 for general operating expenses.

"A second round of grants will go a long way in helping our business community, which has been severely impacted throughout the project," said Balderson. "The resilience of our Buckeye Lake community has been nothing short of astounding."

Enhancements have helped make it easier for businesses to qualify and receive financial assistance. Program improvements include:

  • Extending application period: Applications can be filed between January 26 and March 31, significantly longer than the first application period. 
  • Easing requirements: Applicants may now use any two years of revenue to meet the requirements. Eligible expenses may be determined based on the date of the "distressed lake" designation (March 30th), as opposed to the application date. 
  • Expanding eligibility: Businesses no longer operating may now apply as long as the business was in operation within two years of March 30, 2016, and they intend to reopen. Hotels, motels, R/V parks and campgrounds are also now eligible to apply.

Businesses may also apply for either Micro Loans of up to $5,000 each or Fixed-Asset Loans of up to $20,000 each. Eligible businesses must be located in one of Buckeye Lake's surrounding counties, have been in operation for at least 2 years prior to the ODNR distress declaration, and have experienced at least a 40 percent reduction in revenue, based on the federal disaster assistance guidelines.

The program was created by the Ohio General Assembly to assist businesses impacted by the dam rehabilitation project, after the Army Corps of Engineers declared that the dam was at risk of catastrophic failure in 2015. 

Click here for more information or to apply for one of the business assistance programs.

 
 
 
  
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