Helping Hoosier Small Businesses Succeed
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 the IEDC and its partners to receive information on trainings, technical assistance opportunities, and program updates. Together we can create a vibrant and inclusive business landscape that drives economic growth.
We're creating a loan participation program to help small businesses gain access to the funds needed to help your business bloom.
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 increases the amount of capital in the ecosystem for entrepreneurs and small businesses and 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. Pre-apply with a compatible lender today!
The Legend Fund lending partners are able to make loans between $5,000 and $1,000,000 for small business operating capital needs through the program.
Getting Ahead in Indiana:Mission-oriented, non-traditional lenders (i.e., Community Development Financial Institutions (CDFIs), local revolving loan funds, and other specialty lenders) that provide debt capital for qualified purposes to small businesses headquartered in Indiana are eligible for a portion of those loans to be purchased by the Indiana Economic Development Corporation (IEDC), allowing loan funds to support more entrepreneurs and small businesses.
Become A Legend Fund Lender
Are you an entrepreneur interested in Venture capital investment?In addition to the Legend Fund, The IEDC is investing in pre-seed, seed, and early-stage 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.
Looking to Further Your Business Through Advising, Training, or Other Resources?
The IEDC offers no-cost businesses advising, trainings, workshops, referrals, and tools and resources to help Indiana businesses access capital.
Technical Assistance Program
The IEDC wishes to improve access to capital throughout the state for the purpose of fostering and promoting the development of entrepreneurs and small businesses in historically underserved communities and supporting the Indiana economy. The purpose of this RFP is to solicit proposals from qualified technical service providers to deliver one-on-one counseling and group training opportunities to support SEDI-owned businesses and entrepreneurs and VSBs as they prepare for, apply for, and deploy obtained capital through the IEDC’s SSBCI programs.
Submissions must be sent to email@example.com by March 22, 2024 at 11:59 PM
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.