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The Indiana Economic Development Corporation (IEDC) today announced the launch of the state’s Legends Fund, a loan participation program designed to help entrepreneurs and small businesses access the capital they need to grow. The Legend Fund will distribute $29 million to mission-driven local lenders to increase lending to Hoosier small businesses, funded by federal funds awarded to Indiana through the State Small Business Credit Initiative (SSBCI). The government plans to further strengthen lending to small and medium-sized enterprises, to which it has historically provided loans. Not receiving enough services.
“Indiana leads the nation in providing the ideal environment to help small businesses start, grow and innovate,” said Secretary of Commerce David Rosenberg. “With additional funding and new programs like the Legends Fund, we will further strengthen our support for the entrepreneurial ecosystem and ensure all small businesses have fair access to the tools, resources and capital they need to succeed. I will do so.”
The Legends Fund supports Indiana entrepreneurs and small businesses by giving lenders an incentive to provide working capital to Hoosier-based companies. Through this program, mission-driven, non-traditional lenders that provide debt capital for eligible purposes to Indiana-based small businesses will be eligible for a portion of these loans to be purchased by IEDC and Merchants will be able to support more entrepreneurs and small businesses. . His $29 million in this program is expected to have an impact of at least $50 million on Indiana’s entrepreneurial ecosystem.
Read below to find out what this means for small businesses, loan funds and technical assistance providers.
- Small businesses: Connect with lenders to access the capital you need to grow
Indiana entrepreneurs and small businesses are encouraged to visit Community Reinvestment Fund’s USA Connect platform to connect with an approved lender. The new platform will also be accessible through ConnectIND, a digital portal and statewide resource list for entrepreneurs and founders that will help small and medium-sized businesses identify the You can see participating lenders and get matched. Providing loans.
Legend Fund has already approved nine lenders through this program, meaning these organizations are ready to support Indiana entrepreneurs and founders starting today. These lenders include Build Fund, Business Ownership Initiative Inc. (BOI), Cambridge Capital Management Corp., Community Investment Fund of Indiana, Flagship Enterprise Capital, Lendistry, Lynx Capital, Indiana Community Business Credit Corporation, and One Southern Indiana. Contains organizations.
In addition, entrepreneurs and small businesses now have free access to capital readiness and access support through the Legend Fund and other initiatives supported by SSBCI, including seed and pre-seed funding rounds through Elevate Ventures. Masu. . IEDC is currently soliciting proposals from technical assistance providers and expects to be able to offer this service to small and medium-sized businesses by the summer. In the meantime, small businesses seeking assistance in preparing to meet with Legend Fund lenders are encouraged to utilize their local Indiana Small Business Development Center office.
Learn more and connect with an Indiana-focused lender today.
- Lender: Supporting Indiana Small Businesses as a Legend Fund Lender
Mission-driven non-traditional lenders, such as community development financial institutions, local revolving loan funds, and other specialty lenders, are invited to apply to become approved lenders. Legend Fund lenders that provide debt capital for qualifying purposes to Indiana-based small businesses will be eligible for a portion of these loans (typically up to 49% of qualifying loans) to be purchased by the IEDC. This frees up capital and allows lenders to provide more assistance. Entrepreneurs and small businesses. Learn more and register today.
- Technical Assistance Provider: Assists small and medium-sized businesses in applying for SSBCI funding.
In addition to launching the Legend Fund, Indiana is committed to helping entrepreneurs and small businesses access and apply for this new funding by providing free technical assistance.
Indiana businesses and nonprofit organizations who can help small businesses access capital, including qualified bookkeepers, accountants, and financial professionals, are invited to submit proposals to participate in IEDC’s technical assistance program . Providers support his one-on-one advice and group training opportunities in areas such as cash flow forecasting, QuickBooks, accounting, and help small businesses finance through other initiatives supported by his SSBCI such as Legend Fund and Seed. We can assist you with the preparation and application. We are raising pre-seed funding through Elevate Ventures.
IEDC expects to provide nearly $950,000 in technical assistance proposals. Interested vendors should review the RFP and details here and apply by March 22, 2024.
The Legends Fund is part of Indiana’s efforts to accelerate startup growth and invest in underserved small businesses through SSBCI. In 2022, IEDC was approved for $99.1 million in federal funding through the program to support Hoosier entrepreneurs, startups, and small businesses through venture capital expansion and the creation of this new loan fund. Indiana will receive $86 million and is eligible for an additional $13 million if the state meets its original allocation’s projected goals. At least 37% of this funding will be allocated to historically underserved small businesses and entrepreneurs, helping improve equity in capital access for Hoosier businesses. For more information, visit iedc.in.gov/ssbci.
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