Ongoing – year round financial assistance programs, grants and coaching programs in Indiana
Some of the free grant, loan, and small business coaching programs operate year round, regardless of month. Find resources below for minorities, veteran, Black men and women grants, the disabled and others. The resources are listed by county or category, and continue to scroll down the page for monthly assistance programs in Indiana.
State wide resources – grants, free consultations, loans and more offered statewide
Black Expo is available across Indiana. The non-profit offers a wide variety of services to Black/African American owned businesses. There is everything from scholarship and educational grants to low cost loans, business management programs, and more. The goal is to help the underserved in Indiana, and learn more about IBE here. https://www.indianablackexpo.com/
Black owned businesses can get funding from Bankable. The financial assistance program is known as the Indiana Black-Owned Business Loan Fund. Some of the loans may be interest free but others will have a very low interest rate. There are other resources offered by Bankable as well. The Black-Owned Business Loan Fund was set up to operate as a non-profit. More details here. https://www.bankable.org/
Indiana Black Expo offers many statewide services, one of which helps Black-owned businesses and startups. The program is known as Black Business Training Institute. There are local chapters too including in Fort Wayne, Indianapolis / Central IN as well as Michiana. Get details here. https://www.indianablackexpo.com/ibe-business-training-institute/
Indiana Small Business Development Center (SBDC) provides a wide variety of services. They help small businesses, start ups, and entrepreneurs across the stage. Some programs are focused on minorities, veterans, and small businesses from disadvantaged areas. Get help with financing, loans from One Southern Indiana (a local partnership), marketing help, information on selling online or in new markets and more. They also have information on free grants when offered. Learn more here. https://isbdc.org/#
Old National Bank has a loan programs focused on disadvantaged and minority-owned businesses. The funds can help borrowers with bad or no credit, as the lender will be also using metrics other than just a credit score. The name of the program is the Empowerment Small Business Loan Program, and applicants should reference that service. Learn more here. https://www.oldnational.com/business/small-business-banking/loans
Indianapolis region financial assistance programs for small business owners
Business Ownership Initiative (BOI) as well as the Indy Chamber’s Entrepreneurship Services provides grants, loans, referrals and support to small businesses and sole proprietors in Indianapolis. Of particular focus is on businesses in low-income areas, minorities, and those that lack access to other funds. Get details here. https://indychamber.com/entrepreneur-services/
Indy Chamber of Commerce offers very low interest rate loans and small dollar micro-type loans (as little as $1,000). They provide funds to businesses that lack traditional access to funds, which is often women, minority, and immigrant companies. They also have no minimum credit score and give loans to start-ups too. Find details or apply. https://indychamber.com/entrepreneurship/lending/
Innopower helps Black entrepreneurs start a business and they also assist small, micro businesses. The organizations connects people of color to resources such as grant programs. they also coordinate networking, social events, workshops for starting a company and more. Learn about the services here. https://innopowerindy.com/
Indianapolis CDFI Collaborative is a group of local non-profit lenders and banks that help disadvantaged businesses, including those owned by minorities, women, low-income people or those with bad credit. The organizations help people raise money, offer small business credit programs, information on government grants and other resources. Find more details here. https://www.indianapoliscdficollab.org/
Indianapolis and Marion County Hispanic/Latino owned businesses can get help from the Hispanic Business Council. The organization runs many programs, one known as Conexion. Among other services, there is referrals to government grants, loans from local banks, mentor – protegee programs, MBA level training and education services, business workshops and much more. Learn about the non-profit here. https://indychamber.com/join/hispanic-business-council/
Renew Indianapolis is offered in Marion and Hamilton County as well as the city of Indianapolis. A non-profit agency is involved in disbursing funds across the region to businesses that lack access to capital, such as those that are minority, veteran, immigrant, or women run. Renew Indianapolis also helps businesses that have low or poor credit ratings and score. Low cost loans, business capital, maybe grants and other aid is offered. Apply here. https://renewindy.org/
Terre Haute Black Business Alliance provides help to Black-owned businesses. There are a number of programs available, including help with accessing capital, including loans, bank funding, grant money and more. There are networking events, pitch competitions for money for the Black-owned businesses as well as other resources. Learn more here. https://www.terrehautechamber.com/community/black-business-alliance/
Northern, NW, and NE Indiana MWBE programs
Brightpoint provides micro-loans to low-income entrepreneurs in Fort Wayne. This is but one program offered by the community action agency. The money is combined with business classes, mentoring and other services. Find details here. https://mybrightpoint.org/
Purdue University students and alumni can get financial help and support from a program known as Purdue Innovates. The school led program provides accelerator services such as Firestarter , grant money including to disadvantage students or alumni and other support. Rural area business owners, vets, and MWBE that have ties to Purdue can apply. https://purdueinnovates.org/
South Bend Indiana small businesses, including minority, veteran, LGBTQ, women and others can get help from the city. There is the Small Business Assistance Suite. Entrepreneurs, sole proprietors, and small business owners can get help, including information on local resources, details on free grant programs, coaching and networking opportunities to local professionals. Applications are needed, and look here for details. https://forms.office.com/Pages/ResponsePage.aspx?id=5fjdxfV5706GYYHhhsUku5V7bGt0NNRLv-w8Pxu7fwVUOEtJQVRRRUUyTkwwUEYyRVFMUFlXTllVOC4u
The Northeast Indiana Innovation Center is in Fort Wayne and covers the entire region. They help entrepreneurs launch and grow a business. including access funding from 0% APR loans from Kiva. The non-profit, also known as NIIC, is inclusive and helps the disabled, MWBE businesses, veterans and others. There is a “Breakthrough Program” and other SMBE resources. Read more. https://theniic.org/
Women’s Fund of Porter County, a foundation that helps non-profits that focus on causes of women and kids, provides grants in most years. There are other services that help women, including those of color, with their needs, with a focus on charitable giving. Get details here. https://pccf.gives/womensfund/
Southern Indiana grant and loan programs
Access Ventures helps minority owned, women, veteran, and disadvantaged businesses in southern Indiana. They invest in qualified businesses, and most of those that get funds from Access can’t get capital from any other source – such as the borrower has poor credit, past bankruptcy, or some other barrier. The terms and conditions will vary. More on this company. https://accessventures.org/
Minority owned businesses in Lafayette Indiana can get financial help, assistance in launching a company and other aid from MatchBOX Coworking Studio and a program known as Spark 2021. There is business development, one on one mentoring, micro-grants and workshops. Find more information here. https://matchboxstudio.org/BlogFiles/spark-2021—bipoc-business-cohort.html?fbclid=IwAR0ITIBKo8FbHXUQIWe63_XYSpZ8DolOotV-erXuu7ai_UV89JLT3ZfbqXI
By Jon McNamara