— Tony Johnson, CCCC member
Funds available to help small businesses
Southern Indiana business leaders often talk about the need to provide resources and tools for small businesses to expand or relocate in our communities. The Southern Indiana economy has fared better than most because business leaders are aware of the creative tools and climate which encourage business development.
One such resource is the development of Velocity SI, a new entrepreneurial business opportunity made possible by private philanthropy. Another such resource available to Floyd County to nurture economic development is the Horseshoe Foundation Small Business Revolving Loan Fund. It is designed to encourage and assist business development within Floyd County by providing financing for a small, emerging private business enterprise that expands operations or increases or retains employment. The fund is self-perpetuating through loan repayments by borrowers where the revolving characteristic will allow it to serve as a long term loan source for emerging and expanding business in the future.
The fund was initially capitalized by $250,000 from the Horseshoe Foundation of Floyd County five years ago. Loans range from $5,000 to $50,000 and the application process is the administrative responsibility of One Southern Indiana. The partnership with 1si has been so successful that the foundation board added $500,000 to the loan pool. To date, the fund has approved low-interest loans to 26 local businesses totaling nearly $1 million.
The fund is targeted to information technology, emerging and advanced technologies, manufacturers, transportation/warehousing, health care, service industries, trades and retail. Eligible businesses must be located in or relocating to Floyd County, must be in business no less than two years or have applicable business experience, and have no outstanding judgments.
The Horseshoe Foundation believes a stable local economy becomes reality when leaders are united in providing resources to encourage business development. Too often in our community, funds meant to create jobs through economic development are used to prop up overspent budgets. To continue to nurture economic development in our community, we must make sure resources are available which encourage continued growth and sustainability of our small businesses, which contribute to a large part of our economy.
For more information or to obtain a loan application for the Horseshoe Foundation Small Business Revolving Loan Fund, visit One Southern Indiana at 1si.org.
— Jerry Finn, Horseshoe Foundation Executive Director