Loan Program
Small Business Revolving Loan Fund
What is the Small Business Revolving Loan Fund?
An opportunity to expand an existing business or to help start a new business, residents/businesses of Knox, Daviess, Sullivan, and Greene Counties can apply for Small Business Loans that are available. Funds may be available to provide working capital, fixed assests, and equipment.
How Does This Loan Fund Help?
Grant funds (provided by IHCDA or USDA) will be used to assist and foster the growth and expansion of small businesses via direct loans. Funds will be loaned to businesses that display job creation and retention. The additional income and improvement within local businesses will assist in the growth and stability of the county.
Who Qualifies?
Funds may be available from two sources: Business Expansion & Entrepeneuriship Development (BEED Loan) and Rural Business Enterprise Grant (RBEG Loan).
Eligibility Requirements
- 51% owned by a US citizen
- Gross less than $1 million annually
Restrictions - The money cannot be used:
- For producing agriculture products through growing, cultivation, and harvesting either directly or through horizontally integrated livestock operations
- To finance comprehensive area-wide type planning
- To fund a project that is dependent on other funding that is not secure
- To pay-off any previous debt
BEED Loan - must create new job(s) for low-income individuals
Specific eligibility requirement:
- Knox, Daviess, Sullivan, & Greene County Residents
- 5 or fewer employees
- New Businesses up to $10,000 / Existing Businesses up to $25,000
Funds can be used for:
- Working capital
- Equipment
- Furniture, fixtures, supplies or materials
RBEG Loan
Specific eligibility requirement:
- Knox County Residents
- 50 or fewer employees
Funds can be used for:
- Start up operating cost
- Working capital
- Construction, façade repairs, and development of land
- Equipment
How Do I Apply?
A simple loan application, requested buiness documentation, and an application fee of $150 is required to apply. Loan amounts will be determined by eligibilty criteria and available funding.
Contact Lori Williams, COO, at 812-882-7927 ext 1212 or email lwilliams@pacecaa.org for additional information, or to schedule an appointment.
Application by members of the loan committee, their immediate family members, Pace Board of Director’s, employees, affiliates, or employees of affiliates are ineligible for funding.
