Loans for Hoosier Small Businesses
The Legend Fund funds local lenders to drive Indiana small businesses forward.
Helping Hoosier Small Businesses Succeed
Indiana's State Small Business Credit Initiative (SSBCI) is on a mission to empower Hoosier entrepreneurs, startups, and small businesses. With the expanded SSBCI Program, our goal is to provide access to capital and create ecosystems of opportunity, while promoting economic equity across the state. The SSBCI plans on allocating $99 million, focusing on venture capital investments for early-revenue companies and establishing a loan fund investment program to support underserved entrepreneurs and small businesses. A Technical Assistance Grant Program is on the horizon as well.Our commitment to equity is evident, with at least 37 percent of our funding dedicated to traditionally underserved businesses. We are collaborating with Elevate Ventures to increase investments in underrepresented founders and work with mission-oriented lenders to provide small business owners with essential capital. By catalyzing private investment, we aim to leverage $10 for every $1 of SSBCI funding, mobilizing local and regional sources of capital to fuel Indiana's innovation and entrepreneurial ecosystem.
Stay connected with our network of advisors and Small Business Development Centers for guidance and updates on how we plan to allocate SSBCI funds to Hoosier small businesses. Together we can create a vibrant and inclusive business landscape that drives economic growth.
The Legend Fund supports Indiana small businesses by increasing access to business loans. We know that the growth of small businesses is a vital part of Indiana’s economy and that entrepreneurs play a significant role in promoting economic development within our state.
The Legend Fund will increase the amount of capital granted to entrepreneurs and small businesses. The program focuses on putting capital in the hands of the historically underserved. The Legend Fund will distribute up to $29M to mission-driven local lenders to incentivize more lending to Indiana small businesses. Participating lenders manage loan terms, ensuring they align with the needs of borrowers. Find a compatible lender today!
Move Indiana Forward:
Become A Legend Fund Lender
Mission-oriented, non –traditional lenders (i.e. CDFIs, local revolving loan funds, and other special focused lenders) that provide debt capital for qualified purposes to Indiana-based small businesses are eligible to have a portion of those loans purchased by the IEDC, enabling the loan funds to support more entrepreneurs and small businesses.
Interested in Securing Venture Capital Investment?
In addition to the Legend Fund, The IEDC is investing in pre-seed and seed funding rounds through Elevate Ventures, Indiana’s venture development partner, to accelerate Indiana’s innovative startup ecosystem. These funds will be invested in Indiana-based companies through the Indiana Angel Network Fund alongside co-investors.
Read more about some of Indiana’s best and brightest entrepreneurs.
FAQs
For the purposes of the IEDC’s SSBCI programs, participating lenders or investors are required (1) to target an average borrower or investee size of 500 employees or less, and (2) not to extend credit or investment support to borrowers or investees that have more than 750 employees.
Loans can be used for most general business purposes including but is not limited to, start-up costs, working capital, franchise fees, and acquisition of equipment, inventory, or services used in the production, manufacturing, or delivery of a business’s goods or services, or in the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purpose. Full guidelines can be found here.
Approved Legend Fund lenders will process loans. See “How do I find a participating lender?”
Interested small businesses and entrepreneurs can fill out their contact information and financing needs here. This will generate a list of participating lenders and programs that may meet your needs. You can then connect with your matched organizations to discuss your business financing needs.
Indiana's SSBCI programs will run until 2031 or until the funding has run out.
Answer a few questions about you, your business, and your capital needs to find a list of lenders that meet your borrowing needs. Get started here!
If you need help planning for growth or putting together financial statements and loan documents, reach out to your local SBDC for assistance. If you are interested in connecting with a lender, click the Learn More button to get connected!”
For the full definition defined by the U.S. Treasury, visit U.S. Treasury’s guidelines posted on their website here.
A very small business is defined as a business with fewer than 10 employees.
The IEDC has resources available to assist with your business plan, your business financials, and more! Visit ISBDC.org to learn how the Indiana SBDC can help your business today.
Respond to the IEDC's RFQ found here.
Businesses interested in pre-seed, seed, and early-stage investments will need to apply for funding through Elevate Ventures.
Contact Elevate Ventures to discuss your investment needs with an experienced Entrepreneur-In-Residence. See "Who is Elevate Ventures?"
Elevate Ventures is Indiana's, non-profit, venture development partner.