Fund your Indiana business

When your own money isn’t enough, start with a no-cost advisor, then ask which program actually lends. The Indiana Small Business Development Center² advises. The state’s loan program and regular SBA loans both reach you through a lender.

What’s different in Indiana

• Advising and training are no-cost. The Indiana Small Business Development Center offers no-cost business advising, training, referrals, and a library of tools and resources¹. Research reports are provided at no cost to Indiana founders through an SBDC advisor².
• A separate program offers free advising for capital applications. It focuses on very small businesses and disadvantaged owners. It is not a grant paid to every new business.
• State loan money goes through lenders. The Legend Fund is a loan participation program: the money goes to mission-driven local lenders, and the participating lender sets the loan terms. Loans run from $5,000 to $1,000,000³.
• One SBA office covers the whole state. The office in Indianapolis serves all 92 counties⁵.

Do this

1. Write down what you need and what it’s for. Equipment, inventory, a building, and day-to-day cash are different asks. Legend Fund loans, for example, can cover most general business purposes, including start-up costs, working capital, franchise fees, equipment, and inventory³.
2. Book no-cost advising. The Indiana SBDC offers no-cost business advising, training, referrals, and a library of tools and resources¹. The state’s start in Indiana page adds that an advisor can help you see which registration fits, and that market research reports are provided at no cost to Indiana founders through an SBDC advisor².
3. Use the SBA office for your address. The Indiana District Office in Indianapolis offers funding programs, counseling, federal contracting certifications, and disaster recovery for the entire state. It is at 5726 Professional Circle, Suite 100, Indianapolis, IN 46241, phone 317-226-7272. The page says to set up an appointment⁵.
4. Understand who lends the regular SBA loans. 7(a) and the other ordinary SBA loans come from participating lenders, not the SBA. The SBA loans guide explains who makes each kind.
5. Read the state’s capital programs before you assume there is a check. The IEDC’s small business capital page is putting 99 million dollars into venture capital investment and the Legend Fund. The Legend Fund is a loan participation program: the money goes to mission-driven local lenders, and the participating lender sets the loan terms. Approved Legend Fund lenders process the loans, from $5,000 to $1,000,000, for most general business purposes, including start-up costs, working capital, franchise fees, equipment, and inventory. The programs run until 2031 or until the funding runs out. Pre-seed, seed, and early-stage investment goes through Elevate Ventures, Indiana's nonprofit venture development partner³. Neither is a grant. For free help applying, the SSBCI technical assistance page says the program provides free advising, with a focus on socially and economically disadvantaged individuals and very small businesses with fewer than 10 employees⁴. The help includes financial documents, accounting, applications, and presentations for investors or lenders. Check whether you qualify before you plan on it.
6. Keep your paperwork ready. Lenders and advisors ask for your formation documents and EIN: Register your business and Get your tax IDs.
7. After a declared disaster, the SBA can lend directly. Disaster assistance covers several kinds of loan, including physical damage, economic injury, and military reservist economic injury, for a declared disaster, and only if you qualify⁶. A disaster by itself does not qualify you. Check the declaration and the loan type before you apply.

What you get back

An appointment with an advisor, and help preparing what a lender asks for. A loan decision comes only if you qualify, from a lender. The advising pages do not approve a loan. These pages do not promise a finished plan or an approval.