Southwest Indiana creates small business loan program
EVANSVILLE, Ind. (Inside INdiana Business) – The Economic Development Coalition of Southwest Indiana has created a low-interest loan program to help local small businesses to continue to operate during the COVID-19 pandemic. The Grow Local Lending Fund is designed for businesses that may not have been eligible for other federal loan programs and are located within the four-county southwest Indiana footprint, including Gibson, Posey, Vanderburgh and Warrick counties.
The coalition says it has committed up to $460,000 in small business loans.
The program is a partnership with Illinois-based Banterra Bank, Cynthiana-based Community State Bank of Southwestern Indiana and Evansville-based Old National Bancorp (Nasdaq: ONB).
“Small businesses help to drive Southwest Indiana’s regional economy, and this low-interest loan program can mean the difference for some small businesses reopening,” said Community State Bank of Southwestern Indiana President Steve Bennett.
The coalition says loans will range between $5,000 and $7,500 and can be used for working capital, continued operation expenses or to support remote work expenses.
“We’re excited to partner with the Coalition on this important small business loan program,” said Chris Rutledge, market executive at Banterra Bank. “With so many small businesses challenged during the pandemic, we thought this was an excellent way to help.”
Businesses interested in the program can learn more and apply by clicking here.