Small businesses play a crucial role in the overall development of the community. This is why they should be encouraged and supported by Counties and Governments. Small businesses often suffer from the challenges of funds as banks and other financial institutions do not easily grant them loans. Due to this lack of funding, small businesses lose out on salient opportunities to grow and serve the community.
Fred Glynn – Encouraging support for small businesses
Fred Glynn is a councilman from Hamilton in the USA. He is a devoted conservative known for his reliability and integrity. He believes in his principles and knows they will ensure the development of Hamilton county with success.
He is committed to bringing consistent development and growth to the Hamilton community. He is an inspiring and rare example of a leader. Most people should look at the way he is funded. He receives small donations and has not taken financial support from those vendors with whom the county or any of its municipalities have done business.
Though he has refused to permit funding for those entities that have not performed government functions and has blocked contracts of the county from being given to political insiders with vested interests, he has supported several county projects that he deems to be essential work for the government.
One of the above projects is the stabilization of funds for supporting small business owners. In the middle of May 2020, officials of Hamilton County had announced the creation of a stabilization fund for owners of businesses who had to close their businesses during the Pandemic.
The officials of Hamilton County will allocate about $750,000 as grant funding and provide up to $10,000 to every business owner based on how much their need is and what their demonstrated requirement is.
The importance of the stabilization fund for small business owners
He goes on to explain that this fund is an investment for the community. It has been done during the crisis. This has been possible because the government has been able to manage itself in a fiscally responsible manner.
Small business owners should be able to meet the following four conditions to be eligible for the stabilization fund in Hamilton County-
- They must have a good standing when it comes to code compliance, licenses, and the payment of state as well as local taxes.
- The business should not be a state corporation; it should be owned locally.
- The business should have a good standing with the Secretary of State of Indiana.
- Has been established in Hamilton County and operational for at least the last six months. Even those businesses that have been expanded to storefronts from other businesses are eligible as well, for instance, if an established caterer has opened a café or restaurant or if an online retailer has opened a boutique.
Fred Glynn also points out that a stabilization fund can also be deployed for payroll with the exclusion of owner compensation, rent, mortgage payments, insurance, or any sort of similar expense and for products that have been used directly for sale or the production of a product.