Business Expansion and Entrepreneurship Development (BEED) Program
Area IV has the opportunity to provide loans from $1,000 to $25,000 to small business owners in order to help foster small business development and growth in our community; and to help create meaningful jobs for lower-income individuals.
An example of the type of loans that have been made is one to a lawn and landscape business to purchase commercial type mowing equipment and a snow removal blade. The owner wanted to expand his business from residential to add new commercial customers.
- Available to residents of Carroll, Clinton, Tippecanoe and White Counties
- Low-income is defined as at or below 200% of poverty – for example, a family of four with an income of $44,700
- Loans will be for business owners who qualify as low-income individuals
- Loans may be to an existing business that will recruit and hire low-income individuals for new jobs created
- Every borrower must have at least 10% of the loan amount as personal equity to contribute as part of the 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
- Every borrower is required to attend business training and to participate with the technical assistance for their business
Area IV has been granted $100,000 by the Indiana Housing and Community Development Authority (IHCDA) to establish a small business lending program.
Interested individuals should contact Stan Minnick at Area IV, 765-447-7683 or 800-382-7556, to schedule an appointment.