Boone County group offering loans for small businesses hit by crisis
Approved businesses will also be eligible for one-on-one business plan consulting through the term of the no- or low-interest loans.
Approved businesses will also be eligible for one-on-one business plan consulting through the term of the no- or low-interest loans.
We check in with firms of all stripes to learn how they’re seeking to persevere—and how some are plotting to gain a competitive advantage when normalcy returns.
Nearly $350 billion in forgivable federally backed loans could be a lifeline for small businesses and their employees amid the COVID-19 outbreak.
Millions of small businesses are expected to apply for a desperately needed rescue loan Friday, a stern test for a banking industry that has had less than a week to prepare.
Nearly $3 million has already been committed to the fund, including $1 million from Indianapolis-based Anthem Inc. and $1.5 million from the city of Indianapolis.
Getting the $350 billion in loans for small businesses in the record U.S. stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before.
Prosecutors allege that the defendants engaged in a 13-year-long scheme to defraud the Small Business Administration.
According to the Congressional Budget Office, the five-week closure cost the economy $11 billion, and $18 billion in federal spending was delayed.
A K-9 officer for the Indianapolis Metropolitan Police Department and his wife have completed a $2.1 million expansion of their 15-year-old kennel and animal-care business.
Dozens of small businesses have been helped by microloans—smaller than $50,000—from the Indy Chamber’s Business Ownership Initiative.
According to the Federal Deposit Insurance Corp., at the end of 2008 Indiana financial institutions had $4.6 billion in small-business loans on the books that originated for less than $1 million. That figure stood at $3.8 billion this past June, about 17 percent lower.
Loan approvals resumed after going on hold Thursday, when the SBA reached its $18.75 billion annual limit for loan guarantees.
More small businesses in Indiana are securing loans as owners learn to present their companies better and banks warm to small-business lending after years of hesitation.
An emerging network of angel investors from around the state will team with Indiana University next month on a workshop that will put them in the same room with entrepreneurs who’d like their backing.
You certainly don’t want to keep paying a mortgage if it restricts your business in other areas. But you don’t want to cough up too much at once and have the same effect.
To write (or refresh) your mission statement, think about what you do, how you do it and why you want to do it.
Indiana has three certified, not-for-profit SBA microloan intermediaries, which not only make short-term microloans—as any lender can—but also use the SBA grants they receive to offer business coaching along with the financing.
Indiana businesses borrowed $424.7 million through U.S. Small Business Administration programs in 2012, an 18-percent decline from 2011, latest SBA statistics show.
Business Ownership of Indiana is ramping up its micro-lending program, awarding a $10,000 loan to Indianapolis-based Stage Ninja LLC. Can such small amounts make a difference to fledgling firms?
The bank needs to know how your business is doing right now (usually the most recent 30 or 60 days), rather than rely on your current year’s tax return that may have aged several months.