Revolving Loan Fund
Opening doors for business opportunities in Floyd County is one of the ways that the Horseshoe Foundation seeks to bolster the local economy. The Foundation formed a Small Business Revolving Loan Fund in 2008 to give financing to small businesses whose owner wants to expand. Applications are regularly being reviewed for loans from this fund.
The Horseshoe Foundation of Floyd County Small Business Revolving Loan Fund will assist emerging private businesses in expanding operations and increasing or retaining employees. The fund is capitalized by $250,000 from the Horseshoe Foundation and administered by One Southern Indiana, which is the economic development and Chamber of Commerce organization for Clark and Floyd counties.
For consideration, businesses must be located or plan to locate in Floyd County and have been established a minimum of two years in business. Applicable business experience of at least two years will also be considered.
Loan amounts will range from $5,000 to $50,000 with a maximum interest rate less than the prime rate of interest. Maximum terms of loans are 10 years for land and building loans, five years for equipment loans, and two years for working capital loans. For more information contact Elizabeth Baxter at One Southern Indiana at (812) 945-0266 or ElizabethB@1si.org.