Whether you're starting a business or expanding one, sufficient ready capital is essential. But it is not enough to simply have sufficient financing; knowledge and planning are required to manage it well. These qualities ensure that entrepreneurs avoid common mistakes like securing the wrong type of financing, miscalculating the amount required, or underestimating the cost of borrowing money.
Click the links below for more information on financing your business.
One Southern Indiana and the Horseshoe Foundation of Floyd County provide Small Business Revolving Loan Fund
Small businesses based in Floyd County, Indiana have access to a financing resource established by the Horseshoe Foundation of Floyd County (HFFC). The Horseshoe Foundation of Floyd County Small Business Revolving Loan Fund assists emerging private business enterprises in expanding operations and increasing or retaining employees. The fund is capitalized by a $750,000 grant made by HFFC and administered by One Southern Indiana.
To qualify for consideration, businesses must be located (or plan to locate) in Floyd County and have established a minimum of two years in business. Applicable business experience of at least two years will also be considered. An eight-member Revolving Loan Fund Review Committee consisting of members from both the HFFC and One Southern Indiana will evaluate loan applications and determine funding decisions.
Loan amounts will range from $5,000 to $50,000 with an interest rate of 2% below Prime with a minimum rate of 3%. Maximum terms are 10 years for land and building financing, five years for equipment loans, and two years for working capital loans.
“We see these loans as bridging the gap…..either helping the business with the ‘last dollars’ needed to grow their company, or filling the difference between what the bank and individual can provide and what is needed for success,” said Kevin Zurschmiede, Horseshoe Foundation of Floyd County board member.
To obtain an application packet, click here. For further questions please send an email to KathleenC@1si.org.