18 Feb Microloans in the Heartland
Microlending. It’s not just for small projects in far away places. It can be put to use right here in the heartland. The Flagship Enterprise Center in Anderson runs an SBA Microloan Program that should be on the radar of entrepreneurs in the great Indianapolis-area as a potential source of funding in the ever-critical early stages.
Businesses can apply from Indy and the surrounding counties (Marion, Hamilton, Madison, Delaware, Grant, Hancock, Henry, Rush, Shelby, Tipton). Any type of business with under 25 employees may apply for loans from $3,500 to $50,000 for non-real estate uses including equipment and working capital.
They prefer initial loans to be under $25,000 then follow-up after 6 to 12 months for a total of up to $50,000 for any one company. Loans are for fixed rates between 5.5% and 8.5% for up to 6 years. There are no specific credit score requirements, colateral is not required but can make loans easier and personal guarantees are almost always required.
The SBA backs this program so that early-stage businesses – that are hardly ever fundable by a bank – can gain access to this potentially very valuable entrepreneurial funding.
The Flagship Enterprise Center in Anderson runs this program and businesses need NOT be a member of the Flagship to apply.
The only application process starts here. Or for more information contact Adam Hoeksema – Director of Microlending at the Flagship Enterprise Center via email at adam@flagshipenterprise.org or via phone at (765) 622-0100.