Thrive West Central receives grant to expand revolving loan fund

Small businesses account for two out of every three new jobs added to the U.S. economy, but many small business owners or would-be entrepreneurs struggle to access the funds needed to start or grow a business.

This challenge led Thrive West Central to launch Spark, a revolving loan fund, in 2021 to provide an additional source of capital to the region’s business owners. The regional driver has now received an additional grant of $800,000 from the U.S. Economic Development Administration (EDA) to capitalize on this fund.

Thrive and other local community partners will be contributing an additional $200,000 in matching grant funds for a total of one million dollars in available lending capital.

Spark will provide low-interest loans to businesses in Clay, Montgomery, Parke, Putnam, Sullivan, Vermillion and Vigo counties which cannot otherwise obtain traditional financing. The goal is to provide gap financing, alongside technical assistance from partners, to enable small businesses to expand and create or retain good jobs.

“The Economic Development Administration is pleased to support locally-driven strategies to boost business recovery efforts in Indiana,” said Assistant Secretary of Commerce for Economic Development Alejandra Castillo. “Thrive West Central’s revolving loan fund will provide needed capital to small businesses and entrepreneurs supporting job growth and business expansion.”

“Small businesses are the backbone of our region’s economy,” added Ryan Keller, executive director of Thrive West Central. “We’re thrilled to receive this award from EDA and continue serving entrepreneurs as they seek to start or expand their businesses.”

The project is funded under the EDA’s American Rescue Plan Economic Adjustment Assistance program and its Coal Communities Commitment, which supports coal communities recovering from the COVID-19 pandemic to assist them in creating new jobs and opportunities.