Indiana Launches $29M Legend Fund to Support Entrepreneurs, Small Businesses Access Capital

The Indiana Economic Development Corporation (IEDC) announced the launch of the state’s Legend Fund, a loan participation program designed to help entrepreneurs and small businesses gain access to funds needed to grow. The Legend Fund, fueled by federal funding awarded to Indiana through the State Small Business Credit Initiative (SSBCI), will distribute $29 million to mission-driven local lenders to increase lending to Hoosier small businesses, with an added focus on those that have been historically underserved.

The Legend Fund will support Indiana entrepreneurs and small businesses by giving lenders an incentive to provide operating capital to Hoosier-based businesses. Through the program, mission-oriented and non-traditional lenders that provide debt capital for qualified purposes to Indiana-based small businesses are eligible to have a portion of those loans purchased by the IEDC, enabling lenders to then support even more entrepreneurs and small businesses. The program’s $29 million is expected to yield a minimum $50 million impact on Indiana’s entrepreneurial ecosystem.

Read the full article here.