Economic Development Coalition Creates New Loan Fund to Help Small Businesses

As the financial effects of COVID-19 continue to spread throughout the Greater Evansville region, more of our resilient, local businesses are beginning to need help. That’s why we recently created the Grow Local Lending Fund. This program was designed to offer recovery assistance to qualifying businesses in need. We encourage you to learn more about the program below and help share this opportunity with business owners throughout Southwest Indiana!

The Economic Development Coalition of Southwest Indiana, in partnership with Banterra Bank, Community State Bank of Southwestern Indiana and Old National, has created a low-interest loan program to help local small businesses with 25 employees or less continue operating during the COVID-19 pandemic. The Grow Local Lending Fund is designed for businesses that may not have been eligible for other federal loan programs and are located within the four-county Southwest Indiana footprint including Gibson, Posey, Vanderburgh and Warrick Counties.

Loans will range between $5,000 and $7,500 funds and can be used for working capital, continued operation expenses or to support remote work expenses. Interest-only payments are available for the first six (6) months with payment over a total 42-month term. Loans will carry an interest rate of one (1) percent over the life of the loan as well.

“We’re excited to partner with the Coalition on this important small business loan program,” said Chris Rutledge, Market Executive, Banterra Bank. “With so many small businesses challenged during the pandemic, we thought this was an excellent way to help.”

Community State Bank of Southwestern Indiana President Steve Bennett echoed a similar sentiment: “Small businesses help to drive Southwest Indiana’s regional economy, and this low-interest loan program can mean the difference for some small businesses reopening.”

Old National, Southwest Indiana’s largest headquartered financial institution, saw the program as another way to help small distressed businesses. “For more than 180 years, Old National has made a commitment to help Southwest Indiana grow, and this is a great program to assist small businesses in their restart,” added Brad Gilbert, Senior Vice President, Old National.

Businesses interested in the Grow Local Lending Fund are encouraged to apply, and the first step is to complete the online form. To apply for funding or find more information, go to www.southwestindiana.org/covid19-loans.