One Southern Indiana Partners with State on Small Business Development Program
On June 30, small business borrowers in southern Indiana will have a new source of funds for growing their businesses. The ONE Fund and the Small Business Navigator program represent a strategic partnership between One Southern Indiana and the Indiana Small Business Development Center. The program offers business owners an all-inclusive resource for accessing the capital required for start-up and growth initiatives, as well as the education and advising resources necessary to build a strong, strategic and sustainable business.
The ONE Fund serves small business owners in the Indiana counties of Clark, Floyd, Jefferson, Scott and Washington with loan amounts ranging from $2,000 to $20,000 at an affordable interest rate equal to the Prime Rate plus 2%. Repayment terms are two years for working capital loans, five years for machinery and equipment financing, and seven years for real estate / brick and mortar loans.
Wendy Dant Chesser, president and CEO of One Southern Indiana, noted. “Southern Indiana has a wealth of financial institutions and lenders who do an excellent job serving our business community. But some businesses, especially start-ups and very small companies, may not easily fit into standard lending guidelines. The ONE Fund exists to assist those businesses in getting the financing they need to succeed. As they build a solid foundation and repay those loans, they can be in a better position to be served by our region’s lenders.”
A total of $339,000 in funding for the new program came through contributions from a variety of sources, including Caesars Foundation of Floyd County, Washington County Economic Growth Partnership, the Town of Clarksville, the City of Jeffersonville, the Floyd County Commissioners and COVID Emergency Loan Payback. An additional grant from READI funds, if approved, will help cover administrative and operating expenses to maximize small business support.
Jon Myers, Regional Director for the ISBDC said, “This new initiative is a natural outgrowth of the very productive partnership we’ve enjoyed with One Southern Indiana, and dovetails perfectly with our mission to have a measurable impact on small businesses. As a former small business owner, I know firsthand the challenges that small companies face. We’re thrilled to have a part in offering this new and valuable resource to area entrepreneurs.”
One Southern Indiana was formed in July of 2006 as the economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the Southern Indiana / Louisville metro area. For more, visit 1si.org.
The Indiana Small Business Development Center was created to have a positive and measurable impact on the formation, growth and sustainability of small businesses in Indiana, and to help Hoosier Entrepreneurs start stronger, grow faster and work smarter. For 35 years, from ten offices around the state, the Indiana SBDC has been helping small businesses start and grow in Indiana. In that time, they have assisted more than 50,000 Hoosier entrepreneurs in the creation of thousands of new businesses, tens of thousands of new jobs, and accessing more than $1 billion in capital to grow their businesses in Indiana.