A new partnership offers loans and expertise to small business borrowers.

NEW ALBANY, IN. — On June 30, small business borrowers in southern Indiana will have a new source of funds to grow their business. The ONE Fund and the Small Business Navigator program represent a strategic partnership between One Southern Indiana and the Indiana Small Business Development Center. The program offers business owners an all-inclusive resource to access the capital required for start-up and growth initiatives, as well as the education and consulting resources needed to build a strong, strategic and sustainable business.

ONE Fund offers small business owners in Indiana’s Clark, Floyd, Jefferson, Scott, and Washington counties loan amounts ranging from $2,000 to $20,000 at an affordable interest rate equal to prime plus by 2%. Repayment terms are two years for working capital loans, five years for machinery and equipment financing, and seven years for home/bricks and mortar loans.

ONE Fund offers small business owners in Indiana’s Clark, Floyd, Jefferson, Scott, and Washington counties loan amounts ranging from $2,000 to $20,000 at an affordable interest rate equal to prime plus by 2%. Repayment terms are two years for working capital loans, five years for machinery and equipment financing, and seven years for home/bricks and mortar loans.

Wendy Dant Chesser, president and CEO of One Southern Indiana, noted. “Southern Indiana has a multitude of financial institutions and lenders that do a great job serving our business community. But some businesses, especially start-ups and very small businesses, may not easily fit standard lending guidelines. The ONE Fund exists to help these businesses get the financing they need to succeed. As they build a solid foundation and repay these loans, they may be better positioned to be served by lenders in our area.

Total funding of $339,000 for the new program comes from contributions from a variety of sources, including Floyd County Caesars Foundation, Washington County Economic Growth Partnership, City of Clarksville and City of Jeffersonville, Commissioners of the Floyd County and COVID Emergency. Loan repayment. An additional grant from READI funds, if approved, will help cover administrative and operating expenses to maximize support for small businesses.

Jon Myers, ISBDC Regional Director, said, “This new initiative is a natural outgrowth of the highly productive partnership we’ve enjoyed with One Southern Indiana, and fits perfectly with our mission to have a measurable impact on small enterprises. As a former small business owner, I know firsthand the challenges small businesses face. We are excited to play a part in bringing this new and valuable resource to entrepreneurs in the region.

One Southern Indiana was established in July 2006 as an economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the Southern Indiana/Louisville metro area. To learn more, visit 1si.org.

The Indiana Small Business Development Center was created to have a positive and measurable impact on the formation, growth and sustainability of small businesses in Indiana, and to help Hoosier entrepreneurs start stronger, grow faster and work smarter. For 35 years, from ten offices across the state, the Indiana SBDC has been helping small businesses start and grow in Indiana. During that time, they’ve helped more than 50,000 Hoosier entrepreneurs create thousands of new businesses, tens of thousands of new jobs, and access more than $1 billion in capital to grow their businesses around the world. Indiana.

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