TERRE HAUTE, Ind. (WTWO/WAWV) — Thrive West Central says their Revolving Loan Fund now has $1,000,000 in available lending capital after receiving a grant.

The Economic Development Administration recently granted $800,000 with local community partners contributing $200,000 in matching funds. The Revolving Loan Fund was established in 2021 and is known as Spark.

Spark provides low-interest loans to businesses in Clay, Montgomery, Parke, Putnam, Sullivan, Vermillion, and Vigo counties that otherwise are unable to obtain traditional financing with the goal of helping small businesses to retain and create good jobs.

“Small businesses are the backbone of our region’s economy,” Executive Director of Thrive West Central Ryan Keller said. “We’re thrilled to receive this award from EDA and continue serving entrepreneurs as they seek to start or expand their businesses.”

This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance program and its Coal Communities Commitment, which supports coal communities recovering from the pandemic to help them create new jobs and opportunities.