NEW ALBANY —
The Horseshoe Foundation of Floyd County (HFFC) is celebrating the five-year anniversary of the Small Business Revolving Loan Fund.
Established in 2007 and granting its first loan in March 2009, the loan program was created to assist emerging private business enterprises based in Floyd County with expanding their operations and retaining or increasing employees. Since its inception, 23 businesses have received loans from the fund.
“At a time when resources are scarce, this fund provides an invaluable tool to encourage economic development in our community. It is a win/win for businesses and the community,” said Jerry Finn, executive director of the Horseshoe Foundation of Floyd County, in a news release. “We are excited about the success of the project which has provided over $1 million to local businesses.”
Brendan Cahill, president of PTG Silicones Inc. (PTG) located in New Albany, said his manufacturing company was the recipient of the first HFFC revolving loan in 2009 and in 2013 to help expand operations. PTG is a manufacturer of liquid silicone rubber components for the health care, automotive and appliance industries. The company will use $49,000 in HFFC loan funds to finance new equipment at their facility at 827 Progress Blvd., New Albany.
In addition to the loan, the Indiana Economic Development Corporation (IEDC) has provided a training assistance grant of up to $15,000 from the skills enhancement fund to facilitate job skills training for PTG. The total capital investment for this project will be approximately $1.9 million and will create five new full-time positions by 2016. The city of New Albany also provided a 10-year abatement on real property and five- year abatement on personal property in support of the project.
“This is a huge step for PTG. We were able to garner support from HFFC back in 2009 and now we will be able to remain competitive in our industry thanks to the loan program and to the state of Indiana,” Cahill said.
Also in 2013, Spirit Explosion, LLC received a loan to purchase existing business FlipC Gymnastics and Cheerleading LLC (also a former revolving loan fund recipient). The amount loaned was $12,000 which went toward purchasing equipment and to relocate to a better suited location in Georgetown.
The small business revolving loan program is administered by One Southern Indiana (1si), the economic development and chamber of commerce organization serving Clark and Floyd counties. The Southeast Indiana Small Business Development Center (ISBDC) assists loan applicants with the details of the application process and any required paperwork.
“The ISBDC is proud to work with the Horseshoe Foundation of Floyd County and 1si,” said Blayr Barnard, regional director of the Southeast ISBDC, in the release. “It is through these types of collaborations that we are able to identify the needs of our local businesses and offer solutions to them. The businesses know this is a service their community uses to invest in their success.”
The following list shows the businesses who have received loans from the revolving loan fund and the year the loan was granted. Loans were used to purchase equipment, expand or grow operations, or for building enhancements.
The Exchange Pub & Kitchen, New Albany: $50,000
Dragon King’s Daughter, New Albany: $50,000
The Looking Glass Salon & Spa, LLC, New Albany: $45,000
Integrity Sign Solutions, Georgetown: $50,000
Feast BBQ, New Albany: $50,000
Louis Le Francais, New Albany: $50,000
S & J Precision, Inc., New Albany: $50,000
Bush-Keller, Inc., New Albany: $14,094
Quills Coffee & Books, New Albany: $40,000
New Albany Roadhouse, New Albany: $50,000
Floor Solutions, LLC, New Albany: $38,000
Floor Solutions, LLC, New Albany: $12,000
Colokial, New Albany: $26,000
Colokial, New Albany: $20,000
Generations Monuments & Memorials, New Albany: $45,000
RiverCity Workwear, LLC, New Albany: $10,000
RiverCity Workwear, LLC, New Albany: $40,000
Thorpe Woodworks, LLC, New Albany: $46,583
New Albany Golf, Inc., New Albany: $45,000
FlipC Gymnastics & Cheerleading, LLC, New Albany: $21,925
La Rosita Grill LLC, New Albany: $50,000
Bliss Properties, LLC, New Albany: $50,000
New Albanian Bank Street Brewery, Inc., New Albany: $50,000
PTG Silicones, Inc., New Albany: $33,600
Applicants are required to be in business in Floyd County and have a minimum of two years experience. A nine-member Revolving Loan Fund Review Committee consisting of members from HFFC, the local business community, and 1si evaluates loan applications and determines funding decisions. Maximum loan terms are 10 years for land and building financing, five years for equipment loans and two years for working capital loans. The loans offer an interest rate of 2 percent below prime with a minimum rate of 3 percent.