Southern Indiana business awarded first One Fund loan
A commercial and residential exterior cleaning services company has received a microloan from the One Fund Loan Program created by One Southern Indiana. The economic development organization and chamber of commerce for Clark and Floyd counties said the loan for Patriot Mobile Wash is the first non-emergency use of the fund since its inception last year.
Patriot Mobile Wash is a family-owned and operated company based in Nabb, Indiana. The company plans to use the loan to purchase a mini-truck that will be used to collect trash and assist in cleanup at its customers’ sites, including maintaining the Big Four Station Park in Jeffersonville.
The One Fund program was established in June 2022 with nearly $340,000 to provide small businesses with capital for startup and growth initiatives. Loans range from $2,000 to $20,000.
However, the fund has only been used so far to provide relief loans, primarily for businesses in New Albany that have been affected by reduced customer traffic resulting from the Sherman Minton Bridge Renewal Project and the Main Street Revitalization project.
Adrian Brown, chair of the One Fund Loan Committee, said the loan for Patriot Mobile Wash represents what the program was initially designed to do.
“By loaning out these funds to support small businesses in southern Indiana, we can help grow our community and contribute to the economic vitality of the region,” Brown said in a news release. “The use of a small business micro loan program, like the One Fund Loan Program, is a powerful tool for empowering entrepreneurs and helping them achieve their goals.”
The loans come with an interest rate equal to the Prime Rate plus 2%, with repayment terms of two years for working capital loans, five years for machinery and equipment financing, and seven years for real estate/brick-and-mortar loans.