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. Read through now.
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 funding to pre-revenue and early-stage Indiana businesses that are working towards getting their product(s) to market. The goal of the fund is to help develop start-ups into high-performing companies that benefit Indiana’s economy. The fund also provides follow-up financing and other business services. Eligible companies can receive up to $500,000 and must have a minimum co-investment of 50%.
Department or Agency: Elevate Ventures
Loan or Grant title: Indiana Angel Network Fund III
Indiana entrepreneurs, small businesses, and startups can take advantage of the $70 million Elevate Ventures has received in federal funds for pre-seed and seed financing. To close the economic equity gap in Indiana, some of the funds are earmarked to support socially and economically disadvantaged individuals. The maximum investment amount is $1 million, and eligible businesses must secure a minimum co-investment of 50%.
Department or Agency: Elevate Ventures
Loan or Grant title: 21 Fund
This early-to-growth stage investment fund supports businesses throughout the state of Indiana. The maximum amount for Series A financing is $2 million. The fund also provides follow-up financing (maximum of $4 million) and other business services. Eligible companies for the 21 Fund must have a minimum co-investment of 50%.
Department or Agency: Elevate Ventures
Loan or Grant title: The Smart and Advanced Manufacturing Fund (SAM)
This early-revenue stage investment fund supports businesses throughout the state of Indiana with a focus on smart and advanced manufacturing and distribution. Smart manufacturing improves fees, safety, productivity, and more. Advanced manufacturing uses innovative technologies such as 3D equipment, cybersecurity, wireless infrastructure, and more. The investment maximum is $500,000.
Department or Agency: Elevate Ventures
Loan or Grant title: Leighton Elevate Angel Development (LEAD) Fund
Businesses in Indiana—with preference given to those in Elkhart, St. Joseph, and Marshall counties—may be eligible to apply for financing from the LEAD Fund. Amounts between $50,000 and $200,000 are available, with a 1:1 co-investment from other investors. The goal of the LEAD Fund is to provide access to capital to promising startups so that they can grow into high-performing businesses.
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 $5,000 are available for new or existing businesses with up to five employees. 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 City of Tell’s Revolving Loan Program. Qualifying businesses must have first sought 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.
