Indy Chamber Awarded $400K for Entrepreneur Efforts

Posted: Updated:
The organization says it served more than 1,100 employers and entrepreneurs in 2016 and directly supported 78 new business starts. The organization says it served more than 1,100 employers and entrepreneurs in 2016 and directly supported 78 new business starts.
INDIANAPOLIS -

The Indy Chamber’s Business Ownership Initiative has received more than $400,000 to further two of its entrepreneurship efforts that seek to help disadvantaged populations, minority-owned businesses and formerly incarcerated people trying to start their own business.

Part of the funding comes from the U.S. Department of the Treasury, which certified BOI as a Community Development Financial Institution. With the CDFI designation, the BOI program received a $125,000 grant to assist low-income and underserved communities which lack access to financial resources.

“BOI has been operating like a CDFI for many years, but attaining this certification is an important step in scaling our lending capabilities to meet the needs of a growing and diverse entrepreneurial ecosystem,’ said Ian Nicolini, vice president of Indianapolis economic development for Indy Chamber.

Indy Chamber says BOI also received a $180,000 award from the U.S. Small Business Administration. The SBA earmarked the money for BOI’s Re-Entry Entrepreneurship Development Initiative. That program helps current and formerly incarcerated individuals to explore small business ownership as a means of self-sufficiency.

Indy Chamber says since its inception three years ago, the REDi program has logged nearly 10,000 hours of training with clients to start their own businesses or make themselves more attractive to local companies.

"In very real terms, BOI has taken the lead in leveling the business development playing field for women- and minority-owned businesses and for formerly incarcerated individuals,” said Indianapolis City-County Council President Vop Osili.

Indy Chamber says BOI’s new status as a CDFI will unlock more and higher levels of funding sources for the organization.

“Everyone deserves the opportunity to succeed, and (the) announcement will expand our community’s momentum toward inclusive economic growth," added Nicolini.

  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to IU, Second Largest in School History

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • Chrissy Vasquez and Adam Ramsey

      Indy Reads Adds Staff

      Indy Reads Books has hired Chrissy Vasquez (pictured) as chief development officer to oversee marketing, development and the store. Also, Adam Ramsey (pictured) has been named manager of engagement, specializing in story telling through video and social media. Vasquez previously served as executive director and vice president of operations for Back on My Feet.  

    • The multi-year road project stretched from Bloomington to Indianapolis.

      I-69 Road Project Update

      The Indiana Department of Transportation has scheduled three public meetings for next week to update the community on the I-69 Section 6 road project.    Section 6 is an approximately $1.5 billion new interstate project stretching from Martinsville to I-465 in Indianapolis.

    • Bob Stutz

      New Role For Salesforce Exec

      After three years on the job, Salesforce Marketing Cloud Chief Executive Officer Bob Stutz is moving into a new role. Stutz, who will remain in Indianapolis, is now executive vice president of strategic partners at Salesforce (NYSE: CRM).  Since arriving in Indianapolis, Stutz has overseen the establishment of the company’s regional headquarters in downtown Indianapolis, which included the Salesforce name being placed atop the state’s tallest building.