Are you looking to start a business in Indiana? Or are you already running a business in the Hoosier state? Below, you’ll discover business grants and loans available only to businesses operating within Indiana. Keep reading to learn more.
Department or Agency: Bankable
Loan or Grant title: Small Business Loan
Indiana’s Flagship Enterprise Center created Bankable in 2010 to provide a variety of resources and support to the state’s small businesses in all stages of development. Bankable’s Small Business Loan is available in increments up to $350,000. Eligible start-ups and existing businesses must be located in or relocating to Indiana.
Department or Agency: Bankable
Loan or Grant title: Indiana Black-Owned Business Loan Fund
Bankable’s Indiana Black-Owned Business Loan Fund is available in increments up to $50,000. Eligible start-ups and existing businesses must be located in or relocating to Indiana. This loan also includes a one-year membership to the Black Chamber of Commerce.
Department or Agency: Elevate Ventures
Loan or Grant title: Indiana Angel Network Fund
Elevate Ventures offers seed, pre-seed, and Series A funding high-potential, innovative, cross-sector companies with a total addressable market (TAM) of $500 million or more.
Department or Agency: Indy Chamber Entrepreneur Services
Loan or Grant title: Business Ownership Initiative Loans
As part of the Indy Chamber Entrepreneur Services, the Business Ownership Initiative provides loans to companies in the following counties: Marion, Boone, Hamilton, Madison, Hendricks, Hancock, Shelby, Johnson, and Morgan. This initiative was designed to provide access to capital for businesses that may not qualify for traditional funding. Loans ranging from $1,000 to $50,000 are available for existing businesses with at least six months of financials. Funds cannot be used to buy real estate, refinance debt, or pay taxes—and they cannot be put toward the owner’s salary.
Department or Agency: City of Cannelton
Loan or Grant title: Economic Development Committee (EDC) Program
Businesses within the city limits of Cannelton, Indiana, may be eligible for a loan from the city’s Economic Development Committee Program. Loan sizes range up to $30,000 and can be used toward working capital, the purchasing of equipment, or making improvements to the outside or inside of the business property.
Department or Agency: City of Tell City
Loan or Grant title: City of Tell City Revolving Loan Fund Program (RLF)
Businesses located within Perry County, Indiana, may be eligible for a loan from the Tell City’s Revolving Loan Program. Qualifying businesses must first seek out traditional financing options. Loan sizes range from $5,000 to $150,000 and can be used for business start-up, expansion, or retention—with a focus on job creation and retention.
Department or Agency: City of Madison
Loan or Grant title: City of Madison Revolving Loan Fund Program (RLF)
Businesses operating within the corporate limits of the City of Madison, Indiana, may be eligible for a loan through the city’s revolving loan fund. This RLF was created with a primary focus on job creation and access to capital for businesses that might be otherwise turned down by conventional financial institutions.
Department or Agency: Indiana Economic Development Corporation
Loan or Grant title: Skills Enhancement Fund – Workforce Training Grant
The Skills Enhancement Fund (SEF) reimburses businesses for the cost of training and upskilling their employees. Eligible businesses can get a grant equal to 50% of their eligible training costs over a period of two years. To qualify, businesses need to prove that their training results in job creation and retention with Indiana, as well as new capital investment.
Department or Agency: Indiana Economic Development Corporation
Loan or Grant title: Indiana State Small Business Credit Initiative – The Legend Fund
Part of Indiana’s State Small Business Credit Initiative (SSBCI), The Legend Fund helps Indiana businesses get easier access to loans. Through mission-driven local lenders, eligible small businesses can get loans from $5,000 to $1 million for a variety of business purposes.
Department or Agency: Indiana Economic Development Corporation
Loan or Grant title: SBIR/STTR Match Program
The Indiana Economic Development Corporation provides a state grant match to Indiana companies that have received a Phase I or II award through a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) grant program. The maximum award amount is $50,000 for Phase I and $75,000 for Phase II.
Department or Agency: Indiana Economic Development Corporation
Loan or Grant title: Indiana State Trade and Export Promotion (IN-STEP) Program
Indiana’s State Trade and Export Promotion (IN-STEP) Program, eligible businesses can get financial support for developing and expanding their export-related activities. Businesses can get up to 80% of their export-related costs—from trade show fees to marketing expenses—reimbursed, up to $15,000 total.
Department or Agency: Indiana Economic Development Corporation
Loan or Grant title: Manufacturing Readiness Grants
Manufacturing Readiness Grants help Indiana-based small and medium-sized manufacturing companies invest in smart manufacturing and other advanced technologies. Eligible companies can get a grant for up to 50% of their tech-focused capital investment, up to $200,000.
Department or Agency: Indiana Economic Development Corporation
Loan or Grant title: Capital Access Program (CAP)
As part of the Indiana SSBCI, the Capital Access Program (CAP) helps businesses get loans they may not otherwise qualify for. Eligible Indiana businesses with fewer than 500 employees can get term loans or lines of credit of up to $5 million.
Department or Agency: City of Anderson Department of Community Services and Economic Development
Loan or Grant title: Revolving Loan Fund
The City of Anderson has a Revolving Loan Fund for local businesses. Eligible businesses can borrow up to $150,000 to acquire a business site, cover working capital, rehabilitate a facility, or purchase equipment or inventory.
Department or Agency: City of Kokomo Department of Development
Loan or Grant title: EDA CARES Act Recovery Assistance Revolving Loan Fund Program
The City of Kokomo’s EDA CARES Act Recovery Assistance Revolving Loan Fund Program helps support small and growing manufacturing, industrial, service, and high-tech businesses in Howard County. Loan amounts range from $15,000 to $150,000. Businesses are required to match their loan with an investment and create or retain one full-time job for each $40,000 borrowed.
Department or Agency: City of Kokomo Department of Development
Loan or Grant title: Kokomo Business Development Revolving Loan Fund Program
The Kokomo Business Development Revolving Loan Fund Program supports manufacturing, industrial, service, and high-tech businesses in Howard County that need help growing in or relocating to Kokomo. Microloans range from $20,000 to $60,000, and the macroloan ranges from $60,000 to $300,000.
Department or Agency: City of Kokomo Department of Development
Loan or Grant title: Emerging Business Revolving Loan Fund Program
The Emerging Business Revolving Loan Fund Program supports new and emerging businesses with 50 or fewer employees and less than $1 million in expected annual gross revenue that want to expand within or relocate to Howard County. Loan amounts range from $2,000 to $20,000, and typically require a one-to-one match.
Department or Agency: City of Evansville Loan Administration Board
Loan or Grant title: Community Revitalization Loan Fund (CRLF)
The City of Evansville’s Community Revitalization Loan Fund (CRLF) gives low-interest loans to eligible businesses located in or willing to move to the focus neighborhoods within Evansville. These are neighborhoods with low-to-moderate income levels where business has significantly declined.
Department or Agency: City of Evansville Loan Administration Board
Loan or Grant title: Economic Development Administration Revolving Loan Fund (EDA-RLF)
The Economic Development Administration Revolving Loan Fund (EDA-RLF) gives loans to businesses in Evansville to support increasing employment, especially in the manufacturing and health sciences sectors.
Department or Agency: Grant County Economic Growth Council
Loan or Grant title: City of Marion Revolving Loan Fund
The City of Marion Revolving Loan Fund gives loans of up to $50,000 to businesses within the corporate limits of the City of Marion. Businesses can use the funds to acquire land, construct or renovate buildings, or buy equipment.
Department or Agency: City of Muncie Economic Development Commission
Loan or Grant title: Muncie Industrial Revolving Loan Fund
The City of Muncie Industrial Revolving Loan Fund gives loans between $10,000 and $450,000 to eligible businesses within Muncie. Businesses can use the funds to acquire land, construct or renovate buildings, buy equipment or inventory, and cover working capital gaps.
Department or Agency: Muncie-Delaware County Indiana Economic Development Alliance
Loan or Grant title: Muncie-Delaware County Microloan Program
The Muncie-Delaware County Microloan Program gives loans of up to $25,000 to businesses in Muncie-Delaware County. Businesses can use the funds for working capital, land or real estate acquisition, reconstruction or renovation, and equipment and inventory purchases.
Department or Agency: Columbia City Redevelopment Commission
Loan or Grant title: Revolving Loan Fund Program
The Columbia City Redevelopment Commission created its Revolving Loan Fund Program to help revitalize businesses in Columbia City’s downtown area. Eligible businesses can get a loan equal to 90% of their project costs to rehabilitate, improve, or renovate their business facility’s exterior or structure. The minimum loan amount is $10,000 and the maximum loan amount is $50,000.
Department or Agency: Community Investment Fund of Indiana (CIFI)
Loan or Grant title: Business Loans
The Community Investment Fund of Indiana (CIFI) gives loans to new and existing small businesses that commit to creating or retaining jobs for low-to-moderate-income individuals in Indiana, providing access to crucial goods and services, or promoting economic development in the state. Eligible businesses can get loans from $25,000 to $250,000 for real estate acquisition, equipment purchases, working capital, inventory, and improvements.
Department or Agency: The Build Fund
Loan or Grant title: Special Purpose Credit Program
The Build Fund—a certified CDFI—has a Special Purpose Credit Program dedicated to serving Black-owned businesses in Indiana. Eligible Black business owners can get flexible, affordable loans to for property acquisition, construction, rehabilitation, tenant improvements, equipment purchases, and working capital.
Department or Agency: The Build Fund
Loan or Grant title: Real Estate Assistance Fund for Black-Owned Businesses
The Build Fund also has a Real Estate Assistance Fund specifically for Black-owned businesses in Indianapolis/Marion County. To qualify, businesses must be either purchasing a commercial property ranging in price from $100,000 to $1.5 million or investing at least $100,000 in improving a current business.
Department or Agency: The Build Fund
Loan or Grant title: BuildSmart
The Build Fund’s BuildSmart program supports developers and contractors involved in the construction, rehabilitation, or renovation of accessible owner-occupied housing in Indiana. The program also offers special pricing incentives for women, minorities, disabled, and/or veteran-owned businesses.
