Funding

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. Take a look!

Microloan Programs for Small Business & Startups

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

Evansville Microloans

UE ACE3

Access to Capital and Expertise for Emerging Entrepreneurs (ACE3) Opportunity for applicants to receive assistance from an experienced executive mentor and University of Evansville business students. Generally for working capital and equipment.

Eligibility: Minority, Women owned Disadvantaged Business Enterprises and Small Disadvantaged Business Entities. Geography: City of Evansville

Amount: up to $10,000, no restrictions,  working capital included

 

HOPE

Small Business Loan Program Working with Southwest Indiana Small Business Development Center (ISBDC) to with prepare a Loan Application Package

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

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.

Elevate Southwest Indiana

The Next Level Indiana Fund allows the state to invest in high-growth Indiana companies. The fund  (formerly known as Next Generation Trust) had already been making investments in low-risk asset classes such as bonds, but in 2017 lawmakers gave it the OK to invest in higher-risk asset classes like venture capital, setting the cap at $250 million.