INDIANAPOLIS — Big bucks became available Monday for small businesses in the foodservice industry.
This includes restaurants, food trucks, and catering companies.
$28 billion is now available for these businesses as part of the Restaurant Revitalization Fund, made available through the Small Business Association (SBA). Each business can get up to $10 million.
“It is a fund to help small business restaurant owners get their restaurants back on the road again,” said SBA Indiana District Office Public Affairs Specialist Laura Schafsnitz.
Schafsnitz says the restaurant and food service industry was the hardest hit. Health regulations forced many in the food service industry to adjust to outdoor dining and take out, costing them a pretty penny.
“I mean, everybody had to make so many changes during COVID 19,” said Schafsnitz.
A Cut Above Catering in Carmel had to make quite a few adjustments since people canceled the weddings and the big events it usually thrives off. The owner says 70% of her business shut down, and the company lost more than a million dollars in sales throughout the pandemic.
“We were able to recover some of that and pivot our business and do more virtual cooking classes. And then also helping with cooking meals for nursing homes and for the hospitals,” said Amy Von Eiff, owner and executive chef of A Cut Above Catering.
Von Eiff says this money will help her catering business get the cooks back in the kitchen as they prepare for big events that are being planned once again.
“We’re using this money to increase awareness of our cooking classes and to be able to get all of our employees back,” said Von Eiff.
It will also assist in the debt they’ve accrued during the pandemic that may include payroll, sick leave, bills and post-pandemic adjustments. That’s why the SBA encourages those that are eligible to apply.
“People got to eat. So, we want to make sure to keep our restaurants and our food service small businesses in business so they can continue to feed us,” said Schafsnitz.
If the money is used for eligible expenses by March of 2023, businesses are not required to pay it back. If your business doesn’t qualify, there may be other funds available to assist you here.