Empowering Local Entrepreneurs for a Brighter Future
We created the Boone EDC Microloan Program, to assist in making dreams of entrepreneurship come to life. Our program is more than just financial assistance; it’s a guiding light for aspiring business owners in Boone County. We understand that every business idea is unique, and that’s why we offer personalized support tailored to your specific needs. Whether you’re a budding artisan, a tech trailblazer, or a service-oriented entrepreneur, our microloan program can provide accessible funds, mentorship, educational resources, and networking opportunities to help you succeed. With our expertise and dedication, we are committed to empowering local entrepreneurs, fostering innovation, and building a prosperous future for our community. Join us in shaping Boone County’s economic landscape and transforming your dreams into reality.
Our simplified loan process has a typical turnaround of 10 business days upon receipt of the application, and we are offering one month of deferred payments.
THE LOAN: Apply for up to $30,000 loans with terms up to 60-months.
PLUS a little extra boost…
- Coaching calls for business advisory services
- IT consultation for your business
- Marketing and promotion assistance
Want more info? Contact Claire Gelinas, our entrepreneur and innovation manager via email: email@example.com
Who can apply?
Private, existing small businesses and start-ups are welcome to apply.
Earning under $5 million in revenue
In good standing with the Boone EDC and the State of Indiana
- Registered business with Indiana’s Secretary of State
For additional details, please see the FAQS section. If you have any questions or would like to discuss your qualification and needs, please email Claire.
What can I use the loan for?
The loan can be used for working and non-working capital expenditures.
Not sure you need it? Here are a few ideas:
- Better market your business and get the word out with a marketing consultation and targeted social media ads
- Facility sanitation and cleaning improvements
- Equipment purchases to meet increased demand
- IT infrastructure for all those new online sales
How do I apply?
To apply for the Propel Program, you must submit a fully completed application along with the requested documents to the Boone EDC Economic Development Manager Claire Collett. You can find the application here. For additional details, please see the FAQS section. Have questions? Contact Claire.
What do I need to submit?
2. Requested Documents
- A copy of your executive summary of your business plan
- A template can be found here
- Upload copies of FY 2018 and FY 2019 profit-loss statements (applicable for businesses 2+ years) OR One-year of Financial Projections and historical profit-loss statements that exist (businesses 1 to 2 years) OR Two years of Financial projections (<1 year in business)
- Upload a copy of current balance sheet.
- Explanation and an example of a balance sheet can be found here
For additional details on these materials, please see the FAQS section.
If you have any questions about the above materials and process, please contact Claire for examples and free advisory services*.
*Free advisory services are available for any Boone County small business at any time by the Boone EDC.
I've applied, now what happens?
Upon submitting your application, all applicants will meet virtually with the Economic Development Manager to discuss the business, the specific financial needs, and highlight areas of distress mentioned in the application. Following this conversation, the Boone EDC will review the application internally. Following this decision, the Economic Development Manager will then communicate to the business. For additional details, please see the FAQS section.
Frequently Asked Questions
Below lists frequently asked questions and answers to best assist you during the application process. If you have any questions, please contact Claire, Economic Development Manager, at the Boone EDC.
Q: Who will review the loan applications?
A: The Boone EDC Economic Development Manager will initially review the application and discuss the application with the point of contact on the application form. Thereafter, the application will be reviewed by the Boone EDC Microloan Committee, which is comprised of the Boone EDC Executive Director, Boone EDC Board President, and four community members.
Q: What is the executive summary of my business plan, and what should I highlight?
A: The executive summary of your business plan is a summarized introduction of your business plan, and it should be one to two pages. This document summarizes all the pieces of a business plan as it will include brief descriptions to the following areas: company overview, target customers and local competition, organization & management structure (inclusive of who owns the business, owners’ and managers’ responsibilities, and the number of total employees), service or product you sell, marketing and sales strategy, and your 2020 financial plan. We request this because it will help reviewers better understand your company as a whole. If you have any questions about this, please contact Claire immediately.
Q: I need help writing my Executive Summary of the business plan. Who do I contact?
A: During this time, Gigi Nicholas, owner of The Gifted Word, offers business services for small business owners who need assistance writing their Executive Summary. For more information, please email Gigi Nicholas or connect with Claire immediately.
Q: Is there a credit check with the loan?
A: Yes. The Boone EDC conducts a credit check after receiving the submitted documentation.
Q: Will my information be held confidentially?
A: Yes. All information provided to the Boone EDC and all conversations held with the Boone EDC are confidential.
Q: Do I need to repay my loan back to the Boone EDC?
A: Yes. This program is a loan program, and repayment of the loan principal and interest, if applicable, is needed to be repaid. A loan contract with security will be utilized for this loan.
Q: Is there a prepayment penalty?
A: No, there is no pre-payment penalty on either of the terms you may consider.
Q: Is this a secured or unsecured loan, and is there a personal guarantee required?
A: The loan is an unsecured loan with a personal guarantee.
Q: Are there processing fees associated with the loan?
A: Yes. If you are chosen as a recipient of the loan, you will be required to pay $85.00 of processing fees for the loan documentation.
Q: I am a Boone EDC microloan recipient. Am I still able to apply?
A: All businesses that meet the above requirements, and are in good standing with the Boone EDC, are welcome to apply, including businesses that have received a Boone EDC Microloan.
Q: I am a sole proprietor. Am I able to apply?
A: Sole proprietors are welcome to apply.
Q: Are direct sales associates, such as Pampered Chef, 31 Bags, or other like associates, eligible to apply?
A: At this time, direct sales associates are not eligible to apply.
Q: Are farms or other agriculture entities able to apply?
A: Farming corporations and other ag companies are welcome to apply as well.
Q: I operate a business outside of Boone County. Am I eligible to apply?
A: No. The Propel Program is available for only Boone County small businesses at this time.