The Herald Bulletin

Morning Update

Local Business

May 22, 2013

Flagship Microloan program expands

ANDERSON, Ind. — The Flagship Enterprise Center is making $500,000 more in loan funds available to local small businesses.

The Flagship microloan program, which awards small loans averaging about $10,000 at a competitive interest rate, recently gained approval from the U.S. Small Business Administration to provide the additional funds, which could help grow 50 more small businesses.

The approval denotes the SBA’s “ongoing commitment to our microloan program,” said FEC client services manager, Adam Hoeksema. “These funds will allow us to greatly expand our lending activity and will support the launch and growth” of several central Indiana businesses the program’s 10-county area.

Flagship issued its first microloan in 2010, and to date, has approved 48 totaling more than $480,000, which have helped create 24 jobs and retain 46 more. In the 2012 fiscal year, Flagship played intermediary for 74 percent of all the state’s small loans, making it Indiana’s largest microlender.

Business owners interested in applying for a microloan can call (765) 313-7329 or email microloan@flagshipenterprise.org.

Like Baylee Pulliam on Facebook and follower her on Twitter @BayleeNPulliam, or call 648-4250.

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