The Herald Bulletin

Afternoon Update

Columns

May 14, 2013

Emmett Dulaney: Micro lending strives for big heights

ANDERSON, Ind. — Every now and then, a topic will come along that you hear a great deal about but don’t really understand what it is. In the world of IT, for example, “cloud computing” could fall into this category since everyone talks about it but the definition of what it actually is changes to fit whoever has something to peddle at the moment. Similarly, around central Indiana the Microloan Program is something that I have heard a great deal about, but have had difficulty fully understanding exactly what it is.

For assistance, I turned to Adam Tidrow. Adam is a student at Anderson University and an intern working with the Microloan Program. The words that follow, and run until the conclusion of this column, are his and I hope that if there are others who were confused, this will help remedy some of that.

“Entrepreneurs and small business owners are flooding our communities and we need to take the sandbags down. Individuals who have decided to risk it all on an idea or a product are ready to claim their victory but there is one huge levee before them: funding. With a mortgage, book fees, and the endless school fundraising efforts, entrepreneurs need funding on their terms. But who is here to help us?

The Flagship Enterprise Center’s Microloan Program targets small and emerging ventures who are looking for loans that are too small for a bank’s portfolio but are just too hefty for Grandma’s pocket book. Issuing loans totaling more than $400,000 since its inception in 2010, the Microloan Program secured its spot as the No. 1 Microlender in the State of Indiana in 2012. Small businesses and start-ups scare banks (I can tell you from my own experience). Even when a business is looking for just five or seven thousand dollars to get them to the next stage of development or buy a new piece of machinery, banks find these ventures too risky; there just isn’t enough cash or history in the ledger.

It’s a catch-22. Banks would love to see you in a few years, but you won’t make it six months without these funds. Through the Flagship, businesses can apply for as little as $1,000 and for as much as $50,000 with interest rates between 6 and 10 percent. Their program is centered around the needs of the client, as is demonstrated by the more than 500 hours spent by the Flagship’s staff in advisory roles to their clients.

A limited or blemished credit history or low levels of collateral are not an instant turn-off with the Flagship.

The program is designed to help fuel small business growth and development through cooperation and partnership, rather than a simple cash transaction.  

The Microloan Program is not a permanent fix to financial woes, but, if used efficiently, can be just the jump-start a company needs to be able to expand into selling cupcakes or delve into the used-pontoon sales game.

Whatever your needs as a small business owner, the Flagship can help you break through those barricades. Why wouldn’t you want to move those sandbags?”

Emmett Dulaney is the author of several books on technology and an Anderson resident. His column appears Tuesdays.

1
Text Only
Columns
  • underwood mug [Duplicate] [Duplicate] Scott Underwood: Headlines can capture imagination I'd just left the newspaper office one morning and was driving north on Jackson Street, when I stopped at a red light and glanced at the rearview mirror.

    July 28, 2014 1 Photo

  • Charo Boyd: 'My Social Security' simplifies your life So many people buzz through extremely busy and complicated schedules these days. A smartphone in one hand, a computer in front of you, and a digital task list that never seems to end. In addition, to complicate things just a little more, there’s another event you need to add to your list — National Simplify Your Life week.

    July 28, 2014

  • Maureen Hayden: 9/11 Commission chair scolds Congress for national security failures Retired Congressman Lee Hamilton has warned of the perils of political ideology, calling the body where he spent 34 years “noxiously partisan.” Now, he worries the divide is downright dangerous.

    July 27, 2014

  • Vaughan, Nancy mug [Duplicate] Nancy Vaughan: Fireworks and fireflies mean summer in full swing Hasn't July been a fabulous month? It began with multiple fireworks venues and parades and ends with fairs and football in full swing. We have been blessed with mild weather and if you haven't had to travel much outside of the county, roadwork has been minimal.

    July 26, 2014 1 Photo

  • Ken de la Bastide: City unions go without contracts for many years How Anderson deals with unions has changed dramatically over the years. In the past it would have been unheard of for union members to continue to work without a contract or an agreed upon deadline. But members of three unions that represent Anderson city employees have been working without a new contract agreement for up to seven years.

    July 26, 2014

  • Jim Bailey: Traveling by passenger train was a page from the past My wife doesn’t remember riding on a full-fledged passenger train as a baby. Our children have never ridden. It’s an experience rapidly going the way of the horse and buggy and the stagecoach throughout a nation now obsessed with jumbo jets and sport-utility vehicles.

    July 26, 2014

  • Howard Hewitt: When it comes to wines, small can be very good Repeating the familiar is an easy way to go through life as is taking the safe road. We all do that but find unexpected rewards when taking the path less traveled. That little bit of philosophy applies to visiting wine country.

    July 26, 2014

  • Maleah Stringer: Hats off to the staff at Animal Protection League I often talk about the wonderful volunteers and community support we have at the Animal Protection League. And that volunteers are every non-profits "life blood" this is true for the Animal Protection League as well.

    July 26, 2014

  • Clark, Big Joe mug 'Big Joe' Clark: Beat the market or meet your goals? True or not, my experience tells me that goals – especially when written down – undoubtedly serve as catalysts for success. However, danger arises when a goal does not properly focus on the long term result you expect.

    July 25, 2014 1 Photo

  • Verna Davis: Seek peace by turning from evil and doing good There's something we all want: peace. World peace. Family peace. Personal peace. We yearn for peace, a feeling of freedom from commotion and antagonism, of harmony in our relationships, of lack of strife or dissension. What would we do to have peace in our lives?

    July 25, 2014

Featured Ads
More Resources from The Herald Bulletin
AP Video
US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium
Front page
Poll

Now that Andrew Luck is getting ready to start the third year of his NFL career, did the Colts make the right decision to release Peyton Manning and turn the offense over to Luck?

Yes, the future is bright.
No, the Colts would have won another Super Bowl by now if they had kept Manning.
Don't know; don't care
     View Results