Fundraising, Finances, & Capital

Information about grants, loans, projections, tax changes/incentives, lenders.

The State of Indiana earmarked $30 million for Hoosier businesses who have not accessed PPP or EIDL funds. Application closes on September 30, 2020.

An SBA loan that helps businesses keep their workforce employed during the COVID-19 crisis. The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT. Applications must be received by August 8, 2020.

SBA loan to cover small business operating expenses after a declared disaster. Apply here.

NOTE: You are able to apply for both PPP and EIDL funds, as long as they do not cover the same expenses (i.e. no double-dipping on your payroll to receive both SBA-backed loans.) Check out this Small Business Owner's Guide to the CARES Act for more details.

The State of Indiana earmarked $30 million for Hoosier businesses who have not accessed PPP or EIDL funds. Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to small business restart grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic. Eligible Indiana small businesses can seek reimbursement for up to 80% of qualified expenses, such as rent/mortgage payments, utilities, lease payments for real or personal property, and safety investments, such as personal protective equipment (PPE) and infrastructure improvements. Application closes on September 30, 2020.

Paycheck Protection Program

The U.S. Small Business Administration (SBA) will guarantee loans with terms of up to 10 years and interest rates of up to 4% to businesses with fewer than 500 employees. Businesses can qualify for loans of up to $10 million, and the loans will be provided by lenders including banks and credit unions. Eligible businesses can get loan deferment for six months to a year, and the loan may be forgiven if the business maintains its payroll for eight weeks at employees’ normal salary levels.

Economic Injury Disaster Loans

As part of its disaster assistance program, the SBA is providing working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus. These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years. The stimulus updated the program so that sole proprietors and businesses with fewer than 500 employees qualify, and applicants don’t need to provide a personal guarantee on loans under $200,000. Payments can also be deferred for up to four years.

Emergency grant of $10,000 to SBA Economic Injury Disaster Loan applicants: Even if your business is denied a loan, you can still access this grant, which can be used to provide employee sick leave, maintain payroll or meet other needs like paying rent.

The IRS is offering tax help for taxpayers, businesses, tax-exempt organizations and others affected by COVID-19. The deadline to file and pay federal income taxes are extended to July 15, 2020. Economic impact payments will be sent to most Americans in April.

If you don’t usually file a tax return, you need to submit information to the IRS to receive the Economic Impact Payments. Some reasons that you may not file a tax return include: receive veterans disability compensation, a pension, or survivor benefits from the Department of Veterans Affairs, or your income level does not require you to file a tax return. Please enter your information here.


Local Economic Resources

The City of Bloomington's Rapid Response Fund loan program is closed. If you previously applied or received funding, click here to view your record. If you are a borrower, email with questions.

Monroe County COVID-19 Virus Relief

The County’s portion of the Food and Beverage tax is the portion collected from businesses outside the City of Bloomington. Because of this, the County Commissioners are restricted to offering aid only to those locally-owned businesses located outside the city limits. The expenditure of Food and Beverage tax dollars can only be made to support tourism, including restaurants and bars.

Local Lenders

Direct contact information for local lenders can be found below.

German American Bank - Steve Bishop,

Old National Bank - Scott Shishman,

First Financial Bank - Cindy Kinnarney, 

The following CDFI loan products are currently available to otherwise eligible borrowers in Monroe County. They are divided into two categories: new products developed specifically in response to COVID-19 and relevant pre-existing CDFI loan products.

New Products in Response to COVID-19

Bankable Loan Program

In partnership with the SBA, Bankable, a non-profit lender, is offering a low-to-no interest microloan opportunity to borrowers in Monroe, Brown, and Morgan counties. The interest rate is high at 8-9 percent with a 3% closing fee, but because the SBA covers the first 6 principal and interest payments on loans originated before September 27, 2020, the net interest rate can be negative or extremely low.

Basic Terms

  • Loans are up to $50,000 with up to a 5-year repayment period.

  • Bankable must comply with SBA microloan guidelines, which require normal underwriting review to demonstrate recipients' ability to repay loans. Borrowers will also receive free business support services and technical assistance from Bankable's affiliated partners.

To apply for this Bankable program, please contact both Esther Min,, and Geoffrey Jones,, and cc

Accion Chicago (Small business CDFI, covering entire state of Indiana)

Mary Tritsis, Director of Lending, Accion Serving Illinois and Indiana

(312) 924-2179 | |

Product: Emergency Line of Credit

  • Amount: up to $25,000

  • Term: 3 years–12 months interest-only payments, 2-year term begins in 13th month

  • Interest Rate: 9% 

  • Fees: 4% origination fee, deducted from initial disbursement

  • Deferral Period: 12 months interest-only

  • Turnaround: approval and funding in 1 week

  • Prepayment penalty: No

  • Underwriting: Expedited—with clean 2019 credit report, approval is based on Jan/Feb 2020 revenue

Product: Small Business loan 

  • Amount: up to $100,000

  • Term: <3 years

  • Interest Rate: 9% or 15%, depending on credit score

  • Fees: 4% origination fee, deducted from initial disbursement 

  • Deferral Period: 90% deferral for first 3 months 

  • Turnaround: approval estimated in 2 weeks from complete submission

  • Prepayment penalty: No

  • Underwriting: Full

Relevant, Existing CDFI Loan Products

Community Reinvestment Fund (CRF—small/medium business CDFI based in MN, covering entire state of Indiana)

Jennifer Ericson, Regional Director of Business Development

(612)-305-2058 |

Product: SBA 7(a) loan 

  • Amount: minimum $150,000–$5,000,000

  • Term: 10,15, or 25 year amortization period depending on collateral

  • Interest Rate: Prime +2.75% (7% today)

  • Fees: $3000 packaging fee, or 1% of principal, whichever greater; good-faith deposit due at closing

  • Deferral Period: 30 days

  • Turnaround: approval estimated in 1 month from complete submission

  • Prepayment penalty: Phases out incrementally over 3 years

  • Underwriting: Full

Community Investment Fund of Indiana (CIFI—CDFI created by state IHCDA covering entire state of Indiana)

Phil Black, Executive Director

(317)-960-3710 |

Product: Small Business loan

  • Amount: Flexible, approximately $10,000–$350,000

  • Term: Flexible, maximum 10 years

  • Interest Rate: Flexible, typically Prime + 3%

  • Fees: 1% origination fee

  • Deferral Period: 30 days

  • Turnaround: approval estimated in 4–6 weeks from complete submission

  • Prepayment penalty: Flexible

  • Underwriting: Full