One Southern Indiana and the Caesars Foundation of Floyd County announce Small Business Revolving Loan Fund
Small businesses based in Floyd County, Indiana soon will have access to a new financing resource established by the Caesars Foundation of Floyd County (CFFC). The Caesars Foundation of Floyd County Small Business Revolving Loan Fund will assist emerging private business enterprises in expanding operations and increasing or retaining employees. The fund is capitalized by a $250,000 grant made by CFFC 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 CFFC and One Southern Indiana will evaluate loan applications and determine funding decisions.
Loan amounts will range from $5,000 to $50,000 with a maximum interest rate at Prime. 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, Caesars Foundation of Floyd County board member.
“Our goal is to provide another incentive for businesses to grow and expand in Floyd County,” said Jerrol Miles, Chair-Elect for One Southern Indiana. “The Caesars Foundation of Floyd County saw working with One Southern Indiana as the perfect conduit to business and industry.”
To obtain an application packet, click in the appropriate links below. For further questions please send an email to Revolving Loan Fund.
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To download the Revolving Loan Fund Application Packet, click HERE
For individual pages, click the links below:
Cover page
Announcement
Criteria
Loan Review and Approval Procedure
Loan Application
Personal Financial Statement
Creditworthiness
Authorization to Release Information
Yearly Loan Reporting
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