Southern Indiana startups awarded Caesars Foundation loans
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
A pair of businesses in southern Indiana has each received $50,000 loans from the Caesars Foundation Small Business Revolving Loan Fund. The funding is designed to help emerging businesses expand operations or retain employees.
The Caesars Foundation of Floyd County has committed $1 million for the fund, which is administered by One Southern Indiana, the chamber of commerce and economic development organization for Clark and Floyd counties.
The first recipient if Wine Shop LLC, which opened a tasting bar and boutique wine store in downtown New Albany last week. 1si says the company, founded by Lauren VanCleave and Jason Searby, provides wine and beer tasting, education and collaboration with the local food and beverage community.
The second recipient is Mile Mile and a Half LLC, which seeks distressed or dated properties in southern Indiana and the Louisville metro area with the goal of remodeling and renovating them for residential and commercial tenants.
“It’s clear that the entrepreneurial spirit is alive and well in southern Indiana. Even through the pandemic and shifts in the economy, we have continued to see people step out boldly to start or expand their dream businesses,” 1si CEO Wendy Dant Chesser said in written remarks. “We’re grateful to the Caesar’s Foundation for providing funding for these ventures. We’re excited to watch these two businesses flourish and add to the vitality of our region.”
The $50,000 loans are the maximum awarded through the fund. To be eligible, businesses must be located or plan to locate in Floyd County, have been established for at least two years or the owners must have applicable business experience of at least two years.
The loans come with a maximum interest rate less than the prime rate of interest, according to 1si.