You've determined the amount of startup funds you’ll need. Now where do these funds exist? The Evansville community offers several microloans for qualifying startups and existing businesses. Take a look! Recently added! COVID related loans and grants for businesses.

Microloan Programs for Small Business & Startups

Are you “unbankable” and cash-strapped? Don’t throw in the towel yet! The Evansville community offers five unique microloans for qualifying startups and existing businesses. Take a look!

Recently added: COVID related loans and grants for businesses.

Evansville Microloans

Grow Local - Business Recovery Loans


Local small business funds ($460,000 secured) are available for regional businesses negatively affected by COVID-19 with less than 25 employees.

  • Loan Amounts: $5,000 – $7,500
  • Borrowers: Existing Businesses established before April 30, 2020
    • MUST have had less than 25 full-time employees (FTEs) prior to COVID-19 restrictions and can show they have been negatively impacted as a result of COVID-19
  • Geographic Region: Gibson, Posey, Vanderbugh, and Warrick Counties
  • Interest Rate/Term: 1% for 42 months with interest only payments for the first 6 months
Get Started!

Up to $200,000 in Matching Grants for Integrating Smart Technologies

In partnership with the Indiana Economic Development Corporation (IEDC), Conexus Indiana is now accepting applications for up to $200,000 in matching grants

  • For companies committing to increasing their competitiveness by integrating smart technologies and processes in order to improve capacity, capability, speed and quality.
  • Funding may also be utilized for health care manufacturing technology, providing financial assistance to manufacturers supporting COVID-19 response efforts.
Learn More


This grant provides funds to communities to retain low to moderate income (LMI) workers who have been affected by COVID-19. Communities, not individual businesses, will be evaluated to determine if they meet specific LMI thresholds for eligibility.

Eligibility Criteria

  • Businesses within the corporate limits of the City of Evansville are not eligible as the City is an entitlement community
  • Small business must be located within Vanderburgh County
  • Meet the definition of a small business or microenterprise*
  • Non-profit organizations are not eligible
  • If a business received OCRA COVID-19 Response Program Grant during Phase 1, they are not eligible for Phase 2 funds
  • Businesses that received other COVID-19 relief funds such as a PPP loan or other assistance are eligible

*NOTE: The State of Indiana defines a small business as a for-profit enterprise with 100 employees or less, and a microenterprise as a for-profit enterprise with 5 employees or less, with the owner being one of them.

Application deadline is 4:00PM, Tuesday, September 15th | LEARN MORE |  APPLY




Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to small business restart grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic.

Eligible Indiana small businesses can seek reimbursement for up to 80% of qualified expenses, such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements.

View grant details:

The grant application will open on Wednesday, June 3. Applications close 9/30/2020.




Use of Proceeds: Offset costs to re-establish normal business hours and operations.

Eligibility: Actively operating as of Jan 1, 2020 and have less than 25 employees and were required to cease or drastically reduce business operations due to the Stay-At-Home order.

Geography: Priority is given, but not limited ,to businesses within the Evansville Promise Zone.

Amount: Up to $5,000  *All loans will be made at 0% interest, up to 60 months. No application fee.

Process: Work with Southwest ISBDC to prepare a Loan Application Package (LAP). Present LAP to Department of Metropolitan Development for consideration.

REVIEW APPLICATION | Contact: Christine Prior (email) 812-436-4555

Loan Expiration: October 31, 2020



EDA CARES Act Recovery Assistance Grant – $550,000 to Small Businesses

The City of Evansville is one of six Indiana communities to receive a CARES Act Recovery Assistance grant from the U.S. Department of Commerce’s Economic Development Administration (EDA).

Upon receiving the $550,000 grant, the Department of Metropolitan Development (DMD) will administer Revolving Loan Funds to small businesses and entrepreneurs within the City.

For inquiries, contact DMD at (812) 436-7823.


HOPE of Evansville Small Business Loan Program

Small Business Loan Program

Eligibility: Applicant must be below 80% of Area Median Income based on household size. Business must be a legal entity.

Geography: City of Evansville

Process: Apply at HOPE to verify residency and income. Work with Southwest ISBDC to prepare a Loan Application Package.

Amount: $1,000 -$10,000 to be used for start-up capital; working capital; land and building acquisition; inventory


City of Evansville

Community Revitalization Loan Fund

Eligibility: Business enterprises located within downtown Evansville or interested in moving to the area needing assistance with improvements to the interior/exterior of property; purchasing equipment or fixtures or working capital.

Geography: City of Evansville

Process: Must work with Southwest ISBDC to prepare a Loan Application Package.

Amount: $2,000 – $50,000


City of Evansville

Economic Development Administration Revolving Loan Fund (EDA RFL)

Use of funds: Building acquisition;expansion; machinery & equipment;purchase inventory;real property acquisition

Eligibility: Applicant must be in the Promise Zone (map) and prove inability to obtain funding from a commercial lender. Geography: City of Evansville

Process: Must work with Southwest ISBDC to prepare a Loan Application Package.

Amount: Up to $25,000 – $250,000


BANKABLE Community Advantage (CA) Loan

Eligibility: All startup and existing for–profit businesses and non-profit child care centers.

Use of Funds: Limited restrictions. Working capital and real estate included.

Geography: Statewide

Process: Attempt to receive bank financing first, then complete online application at or contact our office.

Amount: Up to $250,000 / Fixed & Variable rates available, 8-12% / up to 10 years


Elevate Southwest Indiana

Elevate Southwest Indiana

Because funding isn’t always easy to come by in Indiana, Elevate Ventures make every effort to make capital more accessible to high-growth startups and entrepreneurs. One way we do that is through the management of funds that provide venture capital-type investments and other funds to Indiana-based companies during their early stages of growth. Another way is through introductions to other venture capital firms and angel investors.

Connect with Elevate Ventures Southwest Entrepreneur in Residence, Eric Steele.