CLARKSVILLE, IN (June 9, 2022) – Small business borrowers in southern Indiana will soon have a new source of funds for growing their businesses. The ONE Fund and the Small Business Navigator program represent a strategic partnership between One Southern Indiana and the Indiana Small Business Development Center. The program offers business owners an all-inclusive resource for accessing the capital required for start-up and growth initiatives, as well as the education and advising resources necessary to build a strong, strategic and sustainable business.
A total of $339,000 in funding for the new program came through contributions from a variety of sources, including $100,000 from the Town of Clarksville. An additional grant from READI funds, if approved, will help cover administrative and operating expenses to maximize small business support.
“Clarksville Town Council President Ryan Ramsey instructed me to do whatever I can to help promote this program,” said Clarksville Communications Director Ken Conklin. “He and the rest of the Town Council believe this program will be a great resource for our local community.”
The ONE Fund serves small business owners in the Indiana counties of Clark, Floyd, Jefferson, Scott and Washington with loan amounts ranging from $2,000 to $20,000 at an affordable interest rate equal to the Prime Rate plus 2%. Repayment terms are two years for working capital loans, five years for machinery and equipment financing, and seven years for real estate / brick and mortar loans. Advising Services provided under the Small Business Navigator Program include financial budgeting, bookkeeping, payroll, tax management, market research and business planning. In addition, regular classes will be presented by industry experts for owners at every stage of business.
Wendy Dant Chesser, president and CEO of One Southern Indiana, noted. “Southern Indiana has a wealth of financial institutions and lenders who do an excellent job serving our business community. But some businesses, especially start-ups and very small companies, may not easily fit into standard lending guidelines. The ONE Fund exists to assist those businesses in getting the financing they need to succeed. As they build a solid foundation and repay those loans, they can be in a better position to be served by our region’s lenders.”
One Southern Indiana was formed in July of 2006 as the economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to provide the connections, resources and services that help businesses innovate and thrive in the Southern Indiana / Louisville metro area. For more, visit 1si.org.