Greene County Economic Development Corporation

Step 6: Financing Options

The majority of businesses start with one of the following sources of funds: savings, family and friends, banks, government programs, angel investors, or venture capital firms.

IDENTIFYING LOCAL INVESTORS

• AngelNet - Angel investors for growth oriented startups can sometimes be found here and via the AngelNet receptions held in the Indianapolis area.
• Multiple venture capital firms are located in Indiana and invest throughout the state.
• Indiana BizCafe - Investors can also be identified through their online search mechanism.
• GCEDC – If you need help identifying an angel investor locally, contact the GCEDC staff to help get the word out.

GRANTS, LOANS, TAX CREDITS AND OTHER BUSINESS INCENTIVES

Several local, state and federal programs exist to encourage the creation and growth of small businesses. A few of the notable and widely used programs are described below.

• Bloomfield Revolving Loan Fund – The town of Bloomfield operates a small revolving loan fund. For more information, contact the Clerk-Treasurer at 812-384-4114.
• SEED Corp – Based out of Bloomington, SEED Corp is a SBA approved microlender that provides small businesses in Southwestern Indiana (including Greene County) with loans up to $35,000.
• Indiana Economic Development Corporation (IEDC) - Various grants, loans, special programs, tax credits and workforce training incentives are offered throughout the state of Indiana. IEDC has an office located in Bloomfield and can be reached directly at 384-3078, but their website is a great starting point.
• U.S. Small Business Administration (SBA) - There is a variety of loan programs available through this fed SBA. Two of their most popular programs include the SBA 7(a) loan guaranty and the SBA 504 loan program. Ask your bank lender about these programs, or contact the SBA office directly.
• U. S. Department of Agriculture (USDA) Farm Service Agency - FSA makes direct and guaranteed farm ownership (FO) and operating loans (OL) to family-size farmers and ranchers who cannot obtain commercial credit from a bank, Farm Credit System institution, or other lender.
• Indiana BizCafe – Enables you to conduct a broad search on available government grants and programs.

TIP: Know what is on your credit report! You are eligible to receive a free copy of your credit report from each of the reporting agencies once a year. Go to www.AnnualCreditReport.com or a similar website, but follow the instructions carefully as they will try to sell you other credit monitoring services at the same time and there is a charge associated with viewing your actual credit score. By examining your credit report, you can close forgotten credit cards and appeal anything this is incorrect, thereby improving your overall credit standing.

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