Business Expansion and Entrepreneurship Development (BEED) Program
Area IV has the opportunity to provide loans from $1,000 to $25,000 to small business owners in order to help foster small business development and growth in our community; and to help create meaningful jobs for lower-income individuals.
An example of the type of loans that have been made is one to a lawn and landscape business to purchase commercial type mowing equipment and a snow removal blade. The owner wanted to expand his business from residential to add new commercial customers.
- Create new jobs for low-to moderate income individuals
- Retain existing jobs
- Lend to new and existing businesses not eligible for traditional bank funding
- Work with businesses that have no more than 5 employees
- Borrower must contribute at least 10% personal equity
- Loan application fee of $100 required at time of loan submission
- Borrower must participate in business needs assessment and training
- Program funding is available for ONLY new debt
- Business must be located in Carroll, Clinton, Tippecanoe or White Counties
- Able to make monthly loan payments
The goal of the BEED initiative is to promote community lending to create meaningful, local jobs for low-to-moderate income individuals. Area IV Agency is partners with Indiana Small Business Development Center.
For more information or to enroll in the program, call Area IV 800-382-7556 or 765-447-7683 and ask for Allie Vice or fill out our contact form.