The Legend Fund

The Legend Fund is sponsored by Indiana Economic Development Corporation (IEDC) (through Indiana's State Small Business Credit Initiative (SSBCI)). A loan participation program to support underserved entrepreneurs and small businesses with loans for operating capital.

Capital for Hoosier Small Businesses Indiana's State Small Business Credit Initiative (SSBCI) is on a mission to empower Hoosier entrepreneurs, startups, and small businesses. Helping Hoosier Small Businesses Succeed Indiana's State Small Business Credit Initiative (SSBCI) is on a mission to empower Hoosier entrepreneurs, startups, and small businesses.

Our goal is to provide access to capital and create ecosystems of opportunity, while promoting economic equity across the state.

The IEDC is allocating $99 million to venture capital investments for early-revenue companies and establishing The Legend Fund, a loan participation program to support underserved entrepreneurs and small businesses with loans for operating Our commitment to equity is evident with at least 37 percent of our funding dedicated to traditionally underserved businesses.

We are collaborating with Elevate Ventures to increase investments in underrepresented founders and work with mission-oriented lenders to provide small business owners with essential capital.

By catalyzing private investment, we aim to leverage $10 for every $1 of SSBCI funding, mobilizing local and regional sources of capital to fuel Indiana's innovation and entrepreneurial We're creating a loan participation program to help small businesses gain access to the funds needed to help your business bloom. The Legend Fund supports Indiana small businesses by increasing access to business loans.

We know that the growth of small businesses is a vital part of Indiana’s economy and that entrepreneurs play a significant role in promoting economic development within our state. The Legend Fund increases the amount of capital in the ecosystem for entrepreneurs and small businesses and focuses on putting capital in the hands of the historically underserved.

The Legend Fund will distribute up to $29M to mission-driven local lenders to incentivize more lending to Indiana small businesses. Participating lenders manage loan terms, ensuring they align with the needs of borrowers. Pre-apply with a compatible lender today!

The Legend Fund lending partners are able to make loans between $5,000 and $1,000,000 for small business operating capital needs through the program.

Getting Ahead in Indiana: Become A Legend Fund Lender Mission-oriented, non-traditional lenders (i.e., Community Development Financial Institutions (CDFIs), local revolving loan funds, and other specialty lenders) that provide debt capital for qualified purposes to small businesses headquartered in Indiana are eligible for a portion of those loans to be purchased by the Indiana Economic Development Corporation (IEDC), allowing loan funds to support more entrepreneurs and small businesses.

Are you an entrepreneur interested in Venture capital investment? In addition to the Legend Fund, The IEDC is investing in pre-seed, seed, and early-stage funding rounds through Elevate Ventures, Indiana’s venture development partner, to accelerate Indiana’s innovative startup ecosystem. These funds will be invested in Indiana-based companies through the Indiana Angel Network Fund alongside co-investors.

Technical Assistance Program The IEDC wishes to improve access to capital throughout the state for the purpose of fostering and promoting the development of entrepreneurs and small businesses in historically underserved communities and supporting the Indiana economy.

The IEDC has contracted with experienced technical service providers to deliver one-on-one counseling and group training opportunities to support SEDI-owned businesses and entrepreneurs and VSBs as they prepare for, apply for, and deploy obtained capital through the IEDC’s SSBCI programs. Read about some of the ways that the SSBCI has helped drive Hoosier businesses forward. Pauly Jail Building Company, Inc What is a small business?

For the purposes of the IEDC’s SSBCI programs, participating lenders or investors are required (1) to target an average borrower or investee size of 500 employees or less, and (2) not to extend credit or investment support to borrowers or investees that have more than 750 employees. What can Legend Fund loans be used for?

Loans can be used for most general business purposes including but is not limited to, start-up costs, working capital, franchise fees, and acquisition of equipment, inventory, or services used in the production, manufacturing, or delivery of a business’s goods or services, or in the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purpose.

Full How will I receive Legend Fund capital? Approved Legend Fund lenders will process loans. See “How do I find a participating lender?

” What does the process look like for obtaining a loan? Interested small businesses and entrepreneurs can fill out their contact information and financing needs here. This will generate a list of participating lenders and programs that may meet your needs.

You can then connect with your matched organizations to discuss your business financing needs. How long does this program last? Indiana's SSBCI programs will run until 2031 or until the funding has run out.

How do I find a participating lender? Answer a few questions about you, your business, and your capital needs to find a list of lenders that meet your borrowing needs. Get started here!

Who can I reach out to if I need help? The IEDC has selected specialized Technical Assistance providers to assist entrepreneurs through the loan application process at no cost. Visit our SSBCI TA site to select the provider that best fits your unique assistance needs!

If you are interested in connecting with a lender, click the Learn More button to get connected. ” What does socially and economically disadvantaged individual or SEDI mean? For the full definition defined by the U.S. Treasury, visit U.S. Treasury’s guidelines posted on their website What is a very small business or VSB?

A very small business is defined as a business with fewer than 10 employees. How should I prepare to meet with a lender or investor? The IEDC has resources available to assist with your business plan, your business financials, and more!

Visit ISBDC. org to learn how the Indiana SBDC can help your business today. How do I become a Legend Fund approved lender?

Respond to the IEDC's RFQ found here . How do I receive pre-seed, seed, or early-stage investment? Businesses interested in pre-seed, seed, and early-stage investments will need to apply for funding through Elevate Ventures.

Do I qualify for pre-seed, seed, and early-stage investment? Contact Elevate Ventures to discuss your investment needs with an experienced Entrepreneur-In-Residence. See "Who is Elevate Ventures?"

Elevate Ventures is Indiana's, non-profit, venture development partner. Title VI Notice to the Public The Indiana Economic Development Corporation (IEDC) gives public notice of its policy to uphold and assure full compliance with the non-discrimination requirements of Title VI of the Civil Rights Act of 1964 and related Nondiscrimination authorities.

Title VI and related Nondiscrimination authorities stipulate that no person in the United States of America shall on the grounds of race, color, national origin, sex, age, disability, income level or Limited English Proficiency be excluded from the participation in, be denied the benefits of, or be otherwise subjected to discrimination under any program or activity receiving Federal financial assistance.

Any person who believes they have, individually or as a member of any specific class of persons, been subjected to discrimination on the basis of race, color, national origin, sex, age, disability, income level or Limited English Proficiency has the right to file a formal complaint.

Any such complaint must be in writing and submitted within 180 days following the date of the alleged occurrence to: Indiana Economic Development Corporation Indianapolis, Indiana, 46204