Pace Community Action Agency, Inc.
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Small Business Loans

 

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 assets, 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 & Entrepreneurship 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 business documentation, and an application fee of $150 is required to apply.  Loan amounts will be determined by eligibility criteria and available funding.

Contact Susan Laughlin at 812-882-7927 ext 1217 or email slaughlin@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.