Indianapolis-based Cambridge Capital Management Corp. will administer the new Indiana Motorsports Improvement Fund. Racing companies in Indiana are eligible for support from the $5 million revolving loan fund, which was established earlier this year. December 9, 2013
(Indianapolis, Ind.) – A fund established by the legislature to invest in Indiana-based motor sports companies will be administered by Cambridge Capital Management Corporation working with the Indiana Economic Development Corporation.
The legislation, signed by Governor Mike Pence in May, establishes the Indiana Motorsports Improvement Fund, a $5 million revolving loan fund. Companies such as race tracks, racing manufacturers and racing teams are eligible to apply for the loans. Currently more than 1,200 motor sports companies, employing over 23,000 Hoosiers call Indiana home.
“The General Assembly clearly recognizes the economic significance of Indiana’s motor sports industry and the Indiana Economic Development Corporation (IEDC) is pleased to play a role in supporting it,” says Eric Doden, President of the IEDC. “Cambridge Capital’s expertise in small business lending will help the IEDC ensure that the funds are leveraged to the maximum value.”
In each case interested loan applicants should start with their local lender. Local lenders will provide 50 percent of the needed financing and the next 40 percent will be available from the Motorsports Improvement fund. Each applicant will be required to have a minimum 10 percent down payment toward the project.
Companies managed by Cambridge Capital Management Corp. have provided more than $552 million to over 1,300 companies in Indiana. Cambridge manages non-traditional sources of growth capital for promising firms, including companies that may not qualify for conventional business loans.
Jean Wojtowicz, president of Cambridge Capital Management, says, “Indiana has more race tracks per capita than any state, and practically everyone uses auto technology developed by companies in Indiana. Racing is not only part of Indiana’s culture; it is a major job-creator. We are excited to help manage a program that will grow the profile of motor sports even more.”
Companies operated by Cambridge include: Indiana Statewide Certified Development Corporation, the state’s largest lender of SBA 504 loans for small businesses; Indiana Community Credit Corp., a pool of risk capital provided by member banks; Lynx Capital Corp., a loan program for minority-owned small businesses; and Cambridge Ventures, a small business investment company.
The Indianapolis Motor Speedway is not eligible for loans from the new Motorsports Improvement Fund because the legislature established a separate loan fund for the IMS that was signed into law at the same time.Source: Cambridge Capital Management