The Indy Chamber says a $100,000 grant will help spark development in a key neighborhood. The organization says the funding from the JPMorgan Chase Foundation will support business coaching and microlending programs in the River West neighborhood near the 16 Tech innovation district.
The grant will help fund the chamber’s Business Ownership Initiative. The programs will be offered through the new Source River West Entrepreneurship Center on West Michigan Street on the city’s near west side.
In addition to one-on-one coaching for entrepreneurs and business owners, the Business Ownership Initiative provides loans of up to $50,000 designed to provide capital for businesses that may not meet traditional lending standards. The initiative also receives funding from the city of Indianapolis.
BOI President Carrie Henderson says the JPMorgan Chase Foundation has supported its programs from the start, saying, with its continued support, "we’ll be able to make a real impact on up-and-coming small businesses in an up-and-coming area."
The Indy Chamber says, in 2015, its Entrepreneur Services team provided nearly 5,000 hours of free business coaching, and more than that in combined hours of workshops and classes for small businesses. The Business Ownership Initiative also provided around $280,000 in microloans last year, helping spark 85 new business startups.