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.

 

Eligibility

  • 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

 

Steps Required

  1. Apply at HOPE (applications available in office, online, email, or by phone).
  2. Once income and residency eligibility is verified, applicant is referred to ISBDC.
  3. ISBDC will assist applicant with preparing a Loan Application Package (LAP).
  4. The LAP is presented to the HOPE Loan Committee for consideration.
  5. If the LAP is approved, HOPE will set the loan interest rate, term, and fee structure.

 

2016 Maximum Annual Income Guidelines for the City of Evansville

Household Size: 1 2 3 4 5 6 7 8
Gross Income: $34,400 $39,300 $44,200 $49,100 $53,050 $57,000 $60,900 $64,850

 

Policies: HOPE Loan Policies 2017

Brochure: Loan Program Flyer

Application: Small Business Loan Application – 2017

 

For more information please contact:

Joshua Case

PH: 812-423-3169 x 101

EMAIL: joshc@hopein.com