Staff report
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.
According to a prepared HCEDP statement, 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.
Small businesses located in Hendricks County with 40 employees or less are may apply for the loan funds:
HCEDP Board President and Hendricks Power Cooperative CEO Greg Ternet 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 vendor list that applicants can use as a guide to find the right investment for their business. During the process, all local chamber of commerce directors also provided input on building out the loan.
Rhonda Wiles, director of the Brownsburg Chamber of Commerce 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.” 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”, he said.
Said Tom Downard, executive director of the Avon Chamber of Commerce: “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.”
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. John Anderson, executive director,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.”
Online applications may be filled out by visiting https://www.hcedp.org/RISE/
Those interested in learning more can contact the HCEDP office staff directly or call (317)745-2400:
