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Find similar grantsNews article from March 2024 announcing program launch; no application deadline found. Technical assistance RFP mentioned deadline was March 22, 2024 (now past).
The Legend Fund is sponsored by Indiana Economic Development Corporation (IEDC). The Legend Fund is a loan participation program designed to support Indiana small businesses, including underserved entrepreneurs, by increasing access to business loans for operating capital. It aims to promote economic equity across the state.
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Indiana Launches $29M Legend Fund to Support Entrepreneurs, Small Businesses Access Capital Indiana Launches $29M Legend Fund to Support Entrepreneurs, Small Businesses Access Capital Hoosier small businesses, lenders, technical assistance providers encouraged to leverage new resources to fuel entrepreneurial ecosystem, accelerate equity for underserved businesses The Indiana Economic Development Corporation (IEDC) today announced the launch of the state’s Legend Fund, a loan participation program designed to help entrepreneurs and small businesses gain access to funds needed to grow.
The Legend Fund, fueled by federal funding awarded to Indiana through the State Small Business Credit Initiative (SSBCI) , will distribute $29 million to mission-driven local lenders to increase lending to Hoosier small businesses, with an added focus on those that have been historically underserved.
“Indiana is leading the nation in providing the ideal environment to help small businesses start, grow and innovate,” said Secretary of Commerce David Rosenberg.
“With even more funding and new programs like the Legend Fund, we’re taking our support of the entrepreneurial ecosystem even further, ensuring all small businesses have equitable access to the tools, resources and capital needed to succeed” The Legend Fund will support Indiana entrepreneurs and small businesses by giving lenders an incentive to provide operating capital to Hoosier-based businesses.
Through the program, mission-oriented and non-traditional lenders that provide debt capital for qualified purposes to Indiana-based small businesses are eligible to have a portion of those loans purchased by the IEDC, enabling lenders to then support even more entrepreneurs and small businesses. The program’s $29 million is expected to yield a minimum $50 million impact on Indiana’s entrepreneurial ecosystem.
Small businesses: Connect with lenders to access funds needed to grow Indiana entrepreneurs and small businesses are encouraged to connect with approved lenders by visiting the Community Reinvestment Fund, USA Connect Platform .
The new platform – which is also accessible via ConnectIND , a digital portal and statewide listing of resources for entrepreneurs and founders – allows small businesses to view and match with participating lenders based on a business’ operating capital needs and a lender’s mission, focus areas and loan offerings.
The Legend Fund has already approved nine lenders through the program, meaning these organizations are ready to help Indiana entrepreneurs and founders today.
These lenders include organizations such as Build Fund , Business Ownership Initiative Inc. (BOI) , Cambridge Capital Management Corp. , Community Investment Fund of Indiana , Flagship Enterprise Capital , Lendistry , Lynx Capital , Indiana Community Business Credit Corporation and One Southern Indiana .
Additionally, entrepreneurs and small businesses will be able to access technical assistance at no cost to get support preparing for and accessing capital through the Legend Fund as well as through other SSBCI-supported initiatives, such as seed and pre-seed funding rounds through Elevate Ventures .
The IEDC is currently soliciting proposals from technical assistance providers and expects to be able to offer this service to small businesses by the summer. In the meantime, small businesses looking for support in preparing to meet with a Legend Fund lender are encouraged to leverage their local Indiana Small Business Development Center office . Learn more and connect with Indiana-focused lenders today .
Lenders: Support Indiana small businesses as a Legend Fund lender Mission-oriented and non-traditional lenders, such as Community Development Financial Institutions, local revolving loan funds, and other specialty lenders, are invited to apply to become approved lenders.
Legend Fund lenders that provide debt capital for qualified purposes to Indiana-based small businesses are eligible to have a portion of those loans – typically up to 49% of an eligible loan – purchased by the IEDC, freeing up capital and enabling lenders to support more entrepreneurs and small businesses. Learn more and register today.
Technical assistance providers: Help small businesses apply for SSBCI funding In addition to launching the Legend Fund, Indiana is committed to helping entrepreneurs and small businesses access and apply for this new funding by providing no-cost technical assistance.
Indiana businesses and non-profits that can help small businesses access capital – such as qualified bookkeepers, accountants and financial experts – are invited to submit proposals to participate in the IEDC’s technical assistance program.
Providers will support one-on-one advising and group training opportunities in areas such as cash flow projections, QuickBooks, accounting and more to help small businesses prepare and apply for loans through the Legend Fund and through other SSBCI-supported initiatives, such as seed and pre-seed funding through Elevate Ventures. The IEDC anticipates funding nearly $950,000 in technical assistance proposals.
Interested vendors may review the RFP and further details here and apply by March 22, 2024. The Legend Fund is one part of Indiana’s efforts to accelerate startup growth and invest in underserved small businesses through SSBCI. In 2022, the IEDC was approved for $99.
1 million in federal funding through the program to support Hoosier entrepreneurs, startups and small businesses by expanding venture capital and creating this new loan fund. Indiana will receive $86 million and will be eligible to receive another $13 million when the state meets expected targets for the initial allocation.
At least 37% of this funding will be allocated to traditionally underserved small businesses and entrepreneurs, encouraging greater equity in access to capital for Hoosier businesses. Learn more at iedc. in.
gov/ssbci . Fishers-Based Biotech Startup Expanding Footprint in Indiana’s Growing Entrepreneurial Ecosystem Chartered Crypto-Startup Banks on Indiana's Thriving Tech Community, Top Talent Largest US Steel Producer Investing $290M to Modernize Indiana Operations
Based on current listing details, eligibility includes: Indiana small businesses and underserved entrepreneurs. Businesses interested in pre-seed, seed, and early-stage investments will need to apply for funding through Elevate Ventures. Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates $5,000 - $1,000,000 Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
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READI 2.0 Arts and Culture Initiative (Planning Grants) is sponsored by Indiana Economic Development Corporation (IEDC) in partnership with Indiana Arts Commission. Supports strategic planning efforts focused on arts and culture projects that enhance quality of place in Indiana communities. This initiative, funded by a $250 million grant from Lilly Endowment Inc.
Manufacturing Readiness Grants (Indiana) is a grant from the Indiana Economic Development Corporation (IEDC) that funds Indiana manufacturers investing in smart manufacturing technologies, modernization initiatives, and capacity improvements. The program helps Indiana companies adopt cutting-edge equipment, automation, and digital technologies to strengthen their global competitiveness. Eligible applicants are Indiana-based manufacturers undertaking qualifying investments in smart manufacturing technology integration. Awards are available up to $200,000 per applicant with a 1:1 matching requirement, meaning recipients must commit equal private investment alongside the grant. No current application deadline is listed; interested manufacturers should contact IEDC directly for program cycle details.
The purpose of this FOA is to provide funding for up to four (4) Tribal Colleges and Universities (TCUs) that will provide entrepreneurial development services to Native American communities, focusing on supplying services to socially and economically disadvantaged entrepreneurs in locations that are outside of the geographical areas of existing SBA resources. Eligible applicants must be Tribal Colleges and Universities as defined in the Higher Education Act HEA 316 (U.S.C. 1059c). Funding Opportunity Number: SB-GC7J-23-002. Assistance Listing: 59.007. Funding Instrument: G. Category: BC,ED. Award Amount: Up to $250K per award.
The purpose of this FOA is to provide funding for up to two (2) private, non-profit organizations that will provide entrepreneurial development services to women, with an emphasis on socially and economically disadvantaged entrepreneurs in locations that are outside of the geographical areas of existing WBCs for the District of Columbia (DC) and the State of Oregon. There will be one award for each location. Eligible applicants must be private, non-profit organizations with 501(c) tax exempt status from the U.S. Treasury’s Internal Revenue Service and must provide services to the District of Columbia (DC) and State of Oregon. Funding Opportunity Number: SB-OEDWB-23-002. Assistance Listing: 59.043. Funding Instrument: G. Category: BC,CD,RD. Award Amount: $75K – $150K per award.
Small Business Innovation Research and Small Business Technology Transfer Programs Phase I is sponsored by U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA). The USDA SBIR/STTR programs support small businesses in creating innovative, disruptive technologies with commercial potential or societal benefit, including projects dealing with agriculturally-related manufacturing and alternative and renewable energy technologies. Specialty tubing could be relevant for agricultural equipment or renewable energy systems.