Southern Indiana Small Businesses Land Loans
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Horseshoe Foundation of Floyd County has awarded loans to four small businesses that have opened or plan to open in downtown New Albany. Two restaurants, a natural market and a court reporting business are the latest recipients of funding from the organization's Small Business Revolving Loan Fund program.
September 10, 2014
News Release
New Albany, Ind. — The Horseshoe Foundation of Floyd County (HFFC) announced four companies as the latest recipients of its Small Business Revolving Loan Fund program (RLF). Two restaurants, Comfy Cow and Big 4 Burgers, along with Seeds and Greens Natural Market and Deli and McRae Court Reporting have opened or will open locations in downtown New Albany. The HFFC loan fund was established in 2007 and granted its first loan in March 2009. It is a program designed to assist private business enterprises based in Floyd County with expanding their operations and retaining or increasing employees.
22 Scoops Inc., owned by businessmen and partners Ian Hall and Lincoln Ogden, has purchased the rights to The Comfy Cow franchise and has invested over $400,000 to open the ice cream parlor at 109 East Market Street in New Albany. This location is the first franchise location for The Comfy Cow. Renovations of the interior and exterior of the building, purchasing of furniture, fixtures, and equipment have been completed with the help of a loan of $50,000 from the Horseshoe Foundation RLF. To learn more about Comfy Cow: http://www.thecomfycow.com/
Big 4 Burgers + Beer, already a successful business at the base of the walking bridge in Jeffersonville, will open a second location in downtown New Albany. Matthew McMahan, owner of several businesses including Big 4 Burgers + Beer, received a loan from the Horseshoe Foundation RLF in the amount of $50,000. While the opening date has not yet been announced, Big 4 Burgers + Beer in New Albany should open by the end of the year. For more information on their opening: http://www.bigfourjeff.com/
Seeds and Greens Natural Market and Deli will open in downtown New Albany at 207 West First Street, in the fall of 2014. With the help of the Indiana Small Business Development Center (ISBDC), a loan in the amount of $50,000 was awarded from the RLF. Owner Stacey Freibert has spent the summer remodeling the existing space and adding a new storefront, kitchen, storage loft and bathrooms. Renovation is taking place on the floors and the exterior of the building. The market will sell organic and local produce, natural hormone free dairy products, local fresh meats and free-range eggs as well as allergen-free foods like gluten-free, soy-free, vegan, and vegetarian foods. You can follow their progress on: www.facebook.com/seedsandgreens
Also with the assistance of the ISBDC, owners Allie McRae and Stacey Bradley of McRae Court Reporting LLC received a $12,800 revolving loan to purchase equipment for their location at 815 East Market Street. McRae Court Reporting produces a verbatim transcript of live legal proceedings. McRae Court Reporting, One Southern Indiana’s (1si) 1,000th member, opened their doors at their downtown location on July 7. For more information: http://www.mcraecourtreporting.com
“The Horseshoe Revolving Loan Program allows companies that are growing to have access to gap funding to complete their projects,” said Blayr Barnard, Regional Director of the Southeast Indiana Small Business Development Center (ISBDC). “This funding allows the business to take on new clients and expand capabilities. Expansions at these companies add new jobs and revenue to the local economy. Access to programs like this helps us drive economic impact in Floyd County.”
The ISBDC assists loan applicants by helping them with their business plans and projections, required reporting, demographics and market analysis.
“These entrepreneurs have worked very hard to make their dreams become reality and expand business in our community,” said Kevin Zurschmiede, Chair of the Horseshoe Foundation of Floyd County Small Business Revolving Loan Fund committee. “We are very excited to be able to help make this possible by providing low interest gap financing. We wish them the best.”
Applicants are required to be in business in Floyd County and have a minimum of two years’ experience. A nine-member Revolving Loan Fund Review Committee, consisting of directors from the HFFC, the local business community, and 1si, evaluates loan applications and determines funding decisions. Maximum loan terms are ten years for land and building financing, five years for equipment loans and two years for working capital loans. The loans offer an interest rate of 2% below prime with a minimum rate of 3%.
“The influx of new retail, restaurant and service businesses in New Albany by entrepreneurs is a sign the Southern Indiana economy continues to expand. We are excited to announce small business growth projects, not only because of the impact for the families that are supported but also the enhancement to quality of place for residents, visitors and prospectors,” stated Wendy Dant Chesser, President and CEO of 1si. “We are very fortunate to have the Horseshoe Foundation of Floyd County Small Business Revolving Loan Fund to support local business owners in achieving success.”
Businesses interested in learning more about the Horseshoe Foundation of Floyd County Small Business Revolving Loan Fund or want to obtain an application packet should visit 1si.org and click on the Business Resources tab or contact Elizabeth Baxter at 812-206-9021 or elizabethb@1si.org.
About Horseshoe Foundation of Floyd County:
The Horseshoe Foundation of Floyd County (HFFC) is a private foundation established in 1999 whose sole benefactor is Horseshoe Southern Indiana. The Foundation was created by the casino and local officials to benefit the community and provide an additional funding source for charitable organizations in Floyd County. Since its beginning, the HFFC has given $33 million to the Floyd County community. For more information, visit: www.horseshoefoundation.org
About One Southern Indiana
One Southern Indiana (1si) was formed in July of 2006 as the Chamber of Commerce and Economic Development organization serving Clark and Floyd Counties. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the southern Indiana/Louisville metro area.
Since its inception, the organization has evolved to include a three-prong approach to serve its members and investors. Business Resources, as the chamber side of the organization, encompasses membership, signature events and programs which support and encourage business growth; Economic Development works to grow the regional economy through the attraction of new commerce and assists with retention and expansion of existing businesses; Advocacy supports businesses at the government level by engaging in initiatives to preserve, protect and promote a business friendly environment free of obstacles to growth and development of commerce. http://www.1si.org
Source: One Southern Indiana