Thrive West Central expands its revolving loan fund
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Thrive West Central, the economic development organization for west central Indiana, has received an $800,000 grant from the U.S. Economic Development Administration to capitalize on its revolving loan fund. The organization says the fund, known as Spark, was established last year to provide an additional source of capital to business owners in the region.
Thrive, along with other community partners, says it will contribute an additional $200,000 in matching grant funds.
The RLF will provide low-interest loans to businesses in Clay, Montgomery, Parke, Putnam, Sullivan, Vermillion, and Vigo counties. The organization says the goal is to provide gap financing to help small businesses expand and create or retain jobs.
“The Economic Development Administration is pleased to support locally-driven strategies to boost business recovery efforts in Indiana,” said Assistant Secretary of Commerce for Economic Development Alejandra Castillo. “Thrive West Central’s Revolving Loan Fund will provide needed capital to small businesses and entrepreneurs supporting job growth and business expansion.”
This project is funded under the EDA’s American Rescue Plan Economic Adjustment Assistance program and its Coal Communities Commitment.