Another financial tool to assist entrepreneurs planning ventures in south central Indiana recently became available.
The Community Investment Fund of Indiana will team with Human Services Inc.’s Small Business Revolving Loan Fund in supporting loans to new and expanding enterprises, according to a news release from Human Services.
Human Services Inc., which is celebrating the 50th anniversary of its founding, also operates programs in Head Start, Early Head Start, energy assistance, food pantries, weatherization, housing assistance, Women, Infants and Children, homeless shelter, transitional housing and others.
The loans are for businesses that have been unable to secure loans through a traditional lending source. Maximum loans are $7,500 for a start-up and $20,000 for an expansion.
Human Services Inc. has approved loans for small businesses in each of its member counties — Shelby, Johnson, Decatur, Jackson and Bartholomew.
The Community Investment Fund of Indiana, a statewide program launched in 2010, will provide additional loan capacity in that service area.
The revolving loan fund, also established in 2010, was Indiana’s strategy in implementing the American Reinvestment and Recovery Act. It was developed through partnerships with the Indiana Housing and Community Development Authority, USDA Rural Development Office, Heritage Fund – the Community Fund of Bartholomew County, SCORE, MainSource Bank, Indiana Small Business Development Center and now the Community Investment Fund of Indiana.
Information about the loan program is available from Human Services Inc. at 800-206-8026 and HSI-Indiana.com or the Community Investment Fund of Indiana at 317-232-7777 and capitalizingindiana.org.