WABASH VALLEY, Ind. (WTWO/WAWV) — Thrive West Central, a group dedicated to improving quality of life in West Central Indiana, announced Wednesday the creation of a new revolving loan fund to support area small businesses.
Titled “Spark,” the loan fund was created through a Rural Business Development Grant from the US Department of Agriculture. The fund will provide loans to small businesses located in a rural area who are not able to obtain funding through traditional financial institutions.
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 traditional financing institution, according to a news release. Additionally, applicants in jurisdictions with existing revolving loan funds-must seek assistance from such funds before applying for a loan from Spark.
“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 said.
The deadline to apply for the first round of Spark funding is noon on Oct. 22. Visit www.thrivewestcentral.com/spark to access application materials and additional information.