The Evansville Department of Metropolitan Development has announced a revamped Revolving Loan Program in conjunction with the city’s Economic Development Administration. The city says the program will put $870,000 left over from a previous plan toward potential commercial uses.
The city says the program will make funds available to existing businesses looking to expand, new business startups and others. It will have a focus on the city’s Promise Zone and redevelopment designated areas which have a greater need for jobs and new economic activity.
"We encouraged the DMD to seek a new path to making these funds available to businesses in the city and are very happy to announce the revamped program and funds availability," said Evansville Mayor Lloyd Winnecke. "This program will help create jobs in the Promise Zone area of our city, which we are confident will continue to grow stronger."
The revamped program is the result of two years of work by the DMD. It will also feature collaboration with local financial institutions and the Indiana Small Business and Development Center to provide underwriting and financial review services.
"We worked with the EDA leadership in Chicago to rewrite the revolving loan plan to do two things: first include an underwriting/risk evaluation partner to help guide lending decisions and two, to expand the program beyond just manufacturing," said Kelley Coures, executive director of the DMD. "The new agreement is a culmination of meetings and conference calls since 2015 and we think the result will be greater transparency and much needed capital assistance to new and existing businesses that qualify."
The city says the ISBDC will work with loan applicants to "prepare business plans, financial projections, and provide market research that will accompany their loan application."