Thrive West Central, an innovative regional driver dedicated to building strong communities and improving quality of life in West Central Indiana, has announced the creation of Spark, their new revolving loan fund to support the region’s small and emerging businesses.
Spark was created through a Rural Business Development Grant from the U.S. Department of Agriculture. This fund will provide loans to small businesses located in a rural area who are not able to obtain funding through traditional financial institutions to enable them to expand their operations and create new jobs.
Eligible applicants must have less than $1 million in projected annual revenue, employ 50 or fewer employees, be located in a non-urbanized area as defined by USDA, and provide proof of a loan rejection from a commercial financing institution. 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 quarterly based on their anticipated economic impact for the community, including retaining or generating high-quality employment opportunities.
“The Spark fund is a great way to encourage entrepreneurship in our region and make room for additional employment opportunities.”, said Thrive’s Executive Director, Ryan Keller.
The deadline to apply for the first round of Spark funding is Friday, October 22 at noon.
Visit www.thrivewestcentral.com/spark to access application materials and additional information.
Any related questions can be directed to Thrive’s Economic Recovery Liaison, Ashley Salesman