Small Business Loan Program
HOPE of Evansville (HOPE) has a limited amount of small business loan funds available for qualified residents in Evansville. HOPE has partnered with the Indiana Small Business Development Center (ISBDC) to assist start-up or existing small businesses with their financing and overall management needs.
- Must be residents of City of Evansville
- Must be below 80% of Area Median Income based on household size (see chart below)
- Business must be a legal entity such as Sole Proprietorship, LLC, etc.
Allowable Uses of Loan Funds
- Start-up capital
- Working capital
- Land and building acquisition
- Building renovation
- Land improvements
- Inventory purchase
- Associated fees and permits
- New building construction (permanent loan only)
Rates and Terms
Amount: $1,000 – $10,000
Rates: As low as 6.5% but no more than 11%
Fees: No more than 2 points
Terms: 6 months to 72 months
Prepayment: No penalty
- Apply at HOPE (applications available in office, online, email, or by phone).
- Once income and residency eligibility is verified, applicant is referred to ISBDC.
- ISBDC will assist applicant with preparing a Loan Application Package (LAP).
- The LAP is presented to the HOPE Loan Committee for consideration.
- If the LAP is approved, HOPE will set the loan interest rate, term, and fee structure.