Revolving Loan Fund

Spark - Revolving Loan Fund

It can be hard to access capital as a new or growing business. Thrive West Central is dedicated to encouraging the entrepreneurial spirit that drives business development in our communities. Working with local governments, the Just Transition Fund, the Economic Development Administration (EDA), and the U.S. Department of Agricultural (USDA), we are accepting applications to provide low-interest loans to businesses in Clay, Montgomery, Parke, Putnam, Sullivan, Vermillion, and Vigo counties.

Spark now has over one million dollars in lending capital. Spark provides access to capital for businesses that cannot otherwise obtain traditional financing. Spark RLF loans are intended to be small or supplemental loans to be used when no other sources of funding are available to borrowers.

Applicant eligibility varies based on the funding source (USDA or EDA). Eligible borrowers can be a private for-profit or non-profit firm, corporation, partnership, or sole proprietorship. To be eligible, applicants can be from any sector and loans can be for a startup, business expansion, or business retention.

In addition, applicants in jurisdictions with existing revolving loan funds must seek assistance from such funds before applying for a loan from Spark. Funds will be allocated on a rolling basis and based on their anticipated economic impact on the community, including retaining or generating high-quality employment opportunities. Access our frequently asked questions (FAQ) to learn more.

The basics

  • AMOUNT: Minimum $5,000

  • AMOUNT: Maximum $200,000

  • TERM: 6 Months – 10 Years

  • INTEREST RATE: Varies by Risk

  • FEES: Modest Application and Origination Fees

  • DISBURSEMENT: rolling basis

  • PURPOSE: Job creation, business expansion, and retention

  • Minority and underserved populations are strongly encouraged to apply

Spark - Revolving Loan Fund

Eligibility

  • Eligible borrowers can be a private for-profit or non-profit firm, corporation, partnership, or sole proprietorship. To be eligible, applicants can be from any sector and loans can be for a startup, business expansion, or business retention.

  • Geographic Lending Area includes Clay, Montgomery, Parke, Putnam, Sullivan, Vermillion, and Vigo counties in Indiana.

  • The Business employs 50 or fewer employees.
  • The business has less than $1 million in projected annual income.

Apply

Funding is on a first-come, first-served basis, apply today! If you need help completing the application for any reason, please reach out to Erik Nicholson at 812-238-1561 x234 or email spark@thrivewestcentral.com.

Once your application is complete please submit online:

or mail to:
Thrive West Central
ATTN: Revolving Loan Fund
2800 Poplar St, STE 9A
Terre Haute, IN 47803

FAQ

Frequently Asked Questions

  • Provide gap financing for businesses that intend to expand within the region
  • Increase per capita personal income by helping to finance projects that expand employment in above-average-wage jobs for residents of the region
  • Promote the economic well-being of the region by maximizing private sector investment, offering benefits to underserved populations, and adding value to the economic base of the region

  • Spark will support both startup and expanding industrial businesses, commercial businesses, service businesses, and small businesses (typically 50 or fewer employees) within the geographic lending area.
  • It will prioritize businesses that are locally owned and operated and projects that will result in the creation or retention of above-average-wage jobs.
  • The RLF will be open to all eligible borrowers, and Spark aims to outreach to underserved communities identified in the Region, such as low- and moderate-income households, the LGBTQIA+ community, and minority populations, particularly African American and Hispanic, to ensure widespread awareness.

Geographic Lending Area includes Clay, Montgomery, Parke, Putnam, Sullivan, Vermillion, and Vigo counties in Indiana.

Eligible borrowers can be a private for-profit or non-profit firm, corporation, partnership, or sole proprietorship. To be eligible, applicants can be from any sector and loans can be for a startup, business expansion, or business retention.

  • Land costs; including engineering, legal, grading, testing, and site mapping; and related costs associated with acquisition and preparation of land
  • Building costs; including real estate, engineering, architectural, and legal; and related costs associated with acquisition, construction, and rehabilitation of buildings
  • Machinery and equipment costs; including delivery, installation, and engineering; architectural, legal, and insurance; and related costs
  • Working and startup capital
  • Infrastructure costs

This list is intended to be a general guide and does not necessarily include all categories of eligible costs. All proposed uses of revolving loan funds will be subject to approval based on the information in loan applications.

Loans will generally be made in the amount of $5,000 to $200,000 to any one business or organization, with the average loan expected to be between $20,000 and $50,000.

Depending on the application’s geographic area, credit history, and other considerations such as lending source interests can range from 4-14% (EDA) or prime +1% (USDA).

1-10 years depending on loan type.

Loan payments are due on the 1st of each month and are ACH payment types

"The Spark fund is a great way to encourage entrepreneurship in our region and make room for additional employment opportunities"

Thrive’s Executive Director

Ryan Keller

Promised Growth.

Dedicated Quality of Life.

Dedicated Care.