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

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


UE ACE3 Program

The University of Evansville’s Expertise for Emerging Entrepreneurs (ACE3) program offers microloans for minority or women-owned business enterprises in the Evansville area with annual sales of less than $50,000.  ACE3 is sponsored, funded, and co-managed by Old National Bank. In this program UE students interface with clients, review business plans, and serve as underwriters for loans. To apply for the ACE3 micro-financing program, please contact Sherry Hawkins at or 812-488-2851. Learn more about the UE Institute for Banking and Finance.

Eligibility: Any new or existing business in the Evansville area that meets the criteria to be certified as a Women and Minority Owned Businesses (W/MBE), Disadvantaged Business Enterprises (DBE), and Small Disadvantaged Business Entities can apply for a loan from ACE3

Amount: Up to $10,000

Term: 5 years

Rate: Fixed for the term at prime rate plus 3.00%

Geography: Evansville area



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.