Chamber, SBA Partner to Accelerate Growth

Posted: Updated:
Senator Joe Donnelly (pictured left) made the SBA partnership announcement Friday during an event at Stage Ninja, a company located at the Stutz Building in Indianapolis. Senator Joe Donnelly (pictured left) made the SBA partnership announcement Friday during an event at Stage Ninja, a company located at the Stutz Building in Indianapolis.

The chief executive officer of the Indy Chamber believes the organization's selection as a U.S. Small Business Administration microlending partner is "just the tip of the iceberg" of what can be done to help secure additional dollars for small businesses in central Indiana. Michael Huber says, as an official microlending intermediary, the chamber's Business Ownership Initiative now has access to millions more in federal funding and can expand its reach throughout the nine-county region. Huber says the hope is to accelerate growth for entrepreneurs.

Senator Joe Donnelly (D-Ind.), who serves on the Senate Banking Committee, pushed for the BOI program to be recognized by the SBA. "Small businesses are the backbone of our communities by providing new opportunities for growth. This affiliation will allow them to leverage SBA resources to help small businesses expand, create jobs, and promote economic development in Indiana."

Indeed, Huber says the lion's share of Hoosier companies are small businesses. "Over 90 percent of the businesses in Indiana are businesses of twenty employees or less. So, if you actually look at where job-creation and where wealth-creation is gonna occur, it's much more likely to happen with small businesses." Huber adds "the vast majority" of wealth-creation in the state is from small businesses.

Huber tells Inside INdiana Business this program also fits into bigger-picture economic development goals of the chamber. He says the organization is "re-tooling" a lot of its efforts to focus on existing businesses.

“Small business owners are our risk-takers, innovators and job creators. Many companies reach a point where they need a little capital to make a big leap forward - say, $5,000 to $50,000 to lease more office space, hire another employee or buy new equipment. Access to capital is a major issue, so we aim to provide alternative financing along with the advice and training to help make every dollar count."

Since the inception of the chamber's microloan program, it has lent nearly $1 million dollars in amounts between $1,000 to $100,000.

Indy Chamber CEO Michael Huber tells Inside INdiana Business the program and partnership are focused on taking companies to the next level.
  • Perspectives

    • Want A Guaranteed Negative Return?

      Here we go again! On Wednesday, August 14th, we watched the Dow Jones Industrial Average (DJIA) drop over 800 points.  The previous Monday the Dow ended down over 700 points. But what you may have missed is the sharp downward move in interest rates that has intensified with the recent stock market volatility. What does this mean for your portfolio?



  • Most Popular Stories

    • Forbes Ranks Top Colleges; 3 Indiana Schools Make the Cut

      Forbes released its 12th annual ranking of America’s Top Colleges based on direct benefits a university or college provides its students. Several Indiana universities made the list in some “sub-categories”, like Grateful Graduates Index, but the University of Notre Dame was the only school in the state to break the top 20 overall rankings.

    • ‘Transformation’ Continues in Westfield

      Indiana’s fastest growing city is showing no signs of slowing down.  Mayor Andy Cook says now that Westfield has established itself as a destination for family sports with the Grand Park Sports Campus, the $35 million Grand Junction Plaza will transform the city’s downtown into a destination, a place “where people want to be.”   Cook says the project, more than a decade in the making, is an example of a place making strategy necessary for Midwest...
    • (photo courtesy The Times of Northwest Indiana)

      Hammond Pulls 135 Jobs from Illinois

      A Hammond factory recently vacated by Michigan-based Lear Corp. didn’t sit empty for very long. Midland Metal Products has taken over the former seat factory, having relocated from Chicago after 95 years. 

    • (courtesy Wes Mills)

      Purdue: Farmland Values Decline Fifth Straight Year

      The value of top-quality farmland in Indiana has declined continuing a five-year trend, according to the latest data from Purdue University.  The statewide average of the best cropland is $8,212 per acre, down more than five percent, or $456 per acre, from the same period last year. Purdue’s survey shows average and poor-quality farmland values also dropped, but not as much. Average quality farmland declined by 0.9 percent. Purdue says the poor...

    • (photo courtesy of TriCore Logic)

      Fort Wayne IT Firm Expanding

      TriCore Logic has announced plans to expand its office space and staff at its downtown Fort Wayne headquarters. The company plans to invest over $200,000 in the expansions. The 2010-founded company moved to the Anthony Wayne building in 2013, and now plan to grow their staff of five employees by up to eight over the next four years.