The Southwest Indiana Economic Development Coalition has created a low-interest loan program to help local small businesses continue to operate during the COVID-19 pandemic. The Grow Local Lending Fund is designed for businesses that may not have qualified for other federal lending programs and are located in Gibson, Posey, Vanderburgh, or Warrick counties.
The coalition says it has committed up to $460,000 in small business loans.
The program is a partnership with Illinois-based Banterra Bank, Cynthiana-based Community State Bank of Southwestern Indiana, and Evansville-based Old National Bancorp (Nasdaq: ONB).
“Small businesses are helping to boost the regional economy of Southwest Indiana, and this low-interest loan program can make a difference in reopening some small businesses,” said the president of the Community State Bank of Southwestern Indiana, Steve Bennett.
The coalition says the loans will range between $5,000 and $7,500 and can be used for working capital, ongoing operating expenses or to support remote work expenses.
“We are delighted to partner with the Coalition on this important small business lending program,” said Chris Rutledge, market manager at Banterra Bank. “With so many small businesses challenged during the pandemic, we thought this was a great way to help out.”
Companies interested in the program can find out more and apply by clicking here.