Rapid Response Business Loans

About Rapid Response Loans

BOI is currently providing loans only to businesses who have been impacted by the COVID-19 pandemic. Consider using a Rapid Response Loan to pay employee salaries for the next several weeks, to pay insurance premiums, or consider using it as a bridge loan until additional funding kicks in from your bank or the SBA.

AFFORDABLE

Compared to other working capital options, a BOI loan will be one of your most affordable financing options with a 3.75% interest rate and no application fee.

FLEXIBLE

Short-term working capital gives you the ability to pay for what your business needs right now with flexible eligibility requirements. While we do take credit score and personal collateral into consideration, we don’t have minimum requirements. Plus, there’s no prepayment penalty.

SUPPORTIVE

Because we know running a business can be tough right now, we provide free technical assistance and coaching along the way. Our Rapid Response Hub team will answer any questions you have about operations, finances, health regulations – you name it.

Allowable Uses

Rapid Response loans are designed to provide short-term working capital. Allowable uses of the loans include payroll support, such as employee salaries, paid sick or medical leave, insurance premiums, mortgage payments, and any other debt obligations.

Basic Details

$1,000 to $25,000
3.75% interest rate
Available for start-ups or existing businesses in the Indy Region
No minimum credit score required
ITIN accepted in place of SSN (making loans available to immigrant entrepreneurs)