Area IV Agency on Aging and Community Action Program (Area IV) has been granted $100,000 by the Indiana Housing and Community Development Authority (IHCDA) to establish a microenterprise lending program. In partnership with Greater Lafayette Commerce, loans from $1,000 - $25,000 will be made. The goal of the BEED initiative is to assist and foster microenterprise development growth through community lending in the State of Indiana by creating meaningful jobs for low income individuals.

The program makes the following available to businesses:

• Initial job creation goal is one job for each $15,000 loaned
• Available to residents of Carroll, Clinton, Tippecanoe and White Counties
• Individualized business training and technical assistance are components of the application process
• Loans will be for business owners who qualify as low-income individuals or must be to an existing business that will recruit and hire low-income individuals for new jobs created
• Low-income is defined as at or below 200% of poverty; for example, for a family of four $44,100
• Every borrower must have 10% personal equity contributed as part of any loan request
• Every borrower is encouraged to save some money as a safety net for future business emergencies
• Loans are available to those who are unable to secure traditional financing

Applications will be accepted at the Greater Lafayette Commerce office located in Downtown Lafayette at 337 Columbia Street between 2 and 4 p.m. Tuesday, Wednesday and Thursday.  Interested individuals should contact Jerry Holsapple at (765)742-4044, Extension 111 to schedule an appointment.