Business Ownership Initiative (BOI), a business unit of the Indy Chamber, is in the business of growing small business. Microloans are a great alternative to bank loans for small business owners either because the capital needed isn't enough for a traditional loan or because their own credit can't support the liability of a traditional loan.
Pulling from various funders, BOI is able to offer loan amounts ranging from $1,000 to $50,000 to both startup and existing businesses in the Indianapolis region.
"We've seen tremendous success with our loan programs thus far," said Julie Grice, Vice President of Entrepreneur Services and Executive Director of Business Ownership Initiative and the Central Indiana Women's Business Center, business units of the Indy Chamber. "Our funding partners allow us to expand our services from strictly business coaching and workshops to being able to help entrepreneurs and business owners who need a non-traditional source of capital fulfill a contract, purchase equipment, or working capital in general to keep them competitive."
Funds can be used to purchase additional capital, hire temporary employees, and much more. The business coaches at BOI walk business owners through the loan application process, make sure businesses are healthy and ready to take on a loan payment, and help to analyze the current state of the business.
Want more information about BOI microloans? Call us at 317-464-2258 or visit our website to learn more.