Starting immediately, the Hendricks County Economic Development Partnership is offering loan funds to support small businesses and entrepreneurs with innovative ideas to adapt to our changing economy
The Resilience and Innovative Small business and Entrepreneur in Hendricks County loan (R.I.S.E in Hendricks County) funds can be used to explore forward-thinking ways to update business practices and ensure businesses can thrive in Hendricks County. While COVID-19 created an economy that had to react, we know that it also highlighted areas of innovation that businesses could make to serve their end-users after COVID’s initial impact. Many industries began to implement changes that they had intended to make, but the pandemic sped up their timetable. With such a large concentration of small and medium-sized businesses in Hendricks County (roughly 90% of businesses have 49 employees or less per Hoosier By the Numbers 2018 data), the R.I.S.E. in Hendricks County loan will create another avenue for engagement between the HCEDP and the local business economy.
HCEDP Board President, Greg Ternet (Hendricks Power Cooperative) stated, “We are excited to be able to announce the R.I.S.E in Hendricks County loan program. The team has been hard at work putting this together and we know it will be a long-term asset to the community as we adapt and recover from the impact of 2020.”
The HCEDP has worked with local service providers to create a preferred vendors list that applicants can use as a guide to finding the right investment for their business. During the process, all local Chamber Directors also provided input on building out the loan.
Rhonda Wiles, Director of the Brownsburg Chamber of Commerce, said, “Our community’s small businesses are facing an unprecedented economic disruption due to the Coronavirus outbreak. Working with the Hendricks County Economic Development Partnership staff and board, and input from the other chamber directors and our own members, this new loan program is going to be integral in moving everyone forward. We are very excited to be part of it all.”
In addition to our chambers, the Hendricks County co-working organization Level Two has been a part of the discussion and has direct connectivity with small businesses and entrepreneurs in Hendricks County. Executive Director John Anderson spoke about the relevancy of this loan to those who might worry about interest. “With such a low interest rate (1%), the R.I.S.E in Hendricks loan could be a great opportunity for local small businesses who are looking to pivot or grow their business in 2021.”, said John. Level Two is located in Plainfield, just above Stone Creek at the Shops at Perry Crossing. Their membership is varied and the space offers many amenities to remote workers. Brad Dubois, Plainfield Chamber Director and Level 2 Board member said, “Small business is the foundation of Hoosier communities, including Plainfield. Helping them now with a loan such as this will only help foster the continued success.”
As another strong hub of small businesses, entrepreneurs, and retail in Hendricks County, Avon Chamber of Commerce Director, Tom Downard, is encouraging his members and local businesses to give R.I.S.E serious consideration. “R.I.S.E in Hendricks County is a great opportunity for small businesses and startups alike to have access to some capital during these tough times. I encourage all to apply and take advantage of this program and its favorable terms”, said Tom.
The County Seat of Danville is another strong example of an area of concentrated small business, radiating out from the Town Square. From long-established law offices to newly opened pubs and ice cream shops, Danville shows a lot of business diversity. Danville Chamber Director, Kelly Dibenedetto said, “Danville residents love their local small businesses. Anyone visiting Danville can feel the buzz caused by the wealth of unique offerings we have around town. It’s extremely important to us that these organizations continue to live and thrive here. The R.I.S.E loan is a great way to ensure that long term success.”
While many applicants will use the R.I.S.E in Hendricks County loan as a way to adapt to COVID, the HCEDP team and Application Review Committee will use the process to also identify needs for the future. Program Director, Lora Steele, with the HCEDP said, “The agility of our organization allows us to meet the needs of small businesses as they experience them. While we are currently focusing on COVID-19 recovery, we will be able to pivot in the future to make this a revolving and long-lasting loan.”
Those interested parties can fill out the online application.
Small businesses located in Hendricks County with 40 employees or less are able to apply for the loan funds.
- Loans up to $15,000
- Two months of deferred payments and interest
- 1% fixed interest
- $25 application fee
- Loan encourages creative uses!
- Note, funds cannot be used for rent, payroll, or PPE