BOI Microlending

We offer small business loans (or Microloans) from $1,000-$50,000+

  • Available for start-ups or existing businesses
  • No minimum credit score required
  • ITIN accepted in place of SSN (making loans available to immigrant entrepreneurs)
  • Interest Rate = Prime + 3% to 8%
  • Applicant must be at least 21 years old, reside and operate a business in Central Indiana
  • Application fee is based on the size of loan and can be discussed with your Business Coach

 

 

4 Step Small Business Loan Process

 

1: Meet with a BOI coach

Phone: 317.464.2258 or email: information@businessownership.org to set up an appointment. Please note, more than one meeting may be required until the coach feels that you are loan ready with a complete and viable business plan and a history of utilizing the BOI Cash Management Tool correctly.
 

2: Complete a full loan application

After meeting with your business coach, and once agreed that this is the right next step, you will be asked to complete a loan application and to gather documentation to support your loan request. In addition, a credit report will be pulled.
* The loan is not dependent upon a credit score but it aids the loan committee in understanding other debt obligations.
 

3: Application submitted to Loan Committee for decision

Once we have your application and supporting documents, the BOI loan manager will present your loan application to the loan committee. The loan committee will make a decision whether to approve or deny your loan request.
* Please allow 4-6 weeks to complete the full loan approval process from application to close.
 

4: In-person meeting with BOI

Upon notification that your loan has been approved, BOI will schedule a meeting to fully discuss the terms and agreements of the loan. If approved, the loan proceeds will be released within 15 days after the loan approval. If the loan is denied, BOI will schedule a meeting to fully discuss the reasons for denial and the recommended next steps to successfully resubmit the loan application for reconsideration.
 
 

BOI would like to thank our generous funders

 

 
 

 

From The BlogView All

1. Fail spectacularly

2. Success spectacularly

3. Change the economic climate of their neighborhood, city, country or world

4. Dream and act outrageously

5. As Teddy Roosevelt would say: "..knows great enthusiasms, great devotions"

6. Rise every morning with a belief that today can be the day. (See the Entrepreneur's Christmas Pony Story.)

 

(from HeWhoEnters.PBWorks.com)
 
Kim Brand
kim@KimBrand.com
www.FileEngine.com
www.ComputerExpertsIndy.com

 

Written by Kelly Young, president, Baise Communications

 

Earlier this month, I found myself sitting around the table with some very smart, creative and talented women as part of the Central Indiana Women’s Business Center (CIWBC) Support Circles. This yearlong program is designed to serve as a forum for women to discuss issues that affect women in business – a program for women, led by women. The Indy Chamber best describes it as “a year-long program of women supporting women for leadership and growth.” I’ve offered to write about our monthly sessions because I believe the information is going to be worth sharing.

 

Friday’s topic was “authentic communication and getting/receiving feedback.” Some of us in the group are business owners, some are managers and directors, so our approach and examples varied, but what remained the same was our need to communicate effectively and efficiently whether it’s with other employees or clients.

 

My three top takeaways worth sharing:

 

1.     Build relationships: Develop a relationship first with the person/people you are communicating with so you understand and respect their communication styles. Men and women are different, yes; but no matter our gender, we all want to be seen, heard and valued.

2.     Gain awareness: Keep in mind, there’s always something bigger going on. Before communicating, first understand and be aware of what’s going on around you and around the person you’re communicating with, receiving feedback from, or giving feedback to.

3.     Show up: Ask the question “how do I want to show up today?” to help you be a better communicator. It sounds like a simple question to ask, but it may be harder to answer.

 

Our 90 minutes went too fast – and next month seems too long to wait to get together again. Until then though, I look forward to putting into practice what we discussed. Most importantly, I look forward to finding the best way for me to be a more authentic and present communicator – personally and professionally.

 


 

One of the questions we get most often from BOI/CIWBC clients is "What is the best way to fund my idea?"  This is the age old question that has been the challenge of all entrepreneurs since time immemorial.  There are many options:  traditional bank funding, microloans, angel investors, venture capital, and "bootstrapping" your business through slow growth without debt.  In addition, crowdfunding has become an increasingly popular way to get the money you need to take your business to the next level.

The Jumpstart Our Business Startups Act (JOBS Act) was signed into law in 2012 and changed the rules regarding crowdfunding.  Crowdfunding is defined as "the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet."  Before the law was passed, investors had a long list of rules and regulations that they needed to adhere to in order to protect them from bad investments.  The JOBS Act loosened those regulations so that anyone can invest in the small business or idea that they believe in.

This recently published story from PBS NewsHour answers a lot of questions about crowdfunding.

 

In addition, this blog post from of the Huffington Post asks the important question "Will the JOBS Act Actually Create Any Jobs?" by outlining some of the potential risks of crowdfunding.

What this means to you, the entrepreneur, is this:  Do ALL your homework.  Look at all your options and explore your funding needs from all angles.  The old adage "if something is too good to be true, it probably is" tends to hit home more often than not.  You may be able to get started with less money than you anticipated.  Always seek the advice of someone who is not emotionally or financially invested in your business - like one of BOI's Business Coaches - to help you make these life/business altering decisions.

For help with your business, call: 317.464.2258

111 Monument Circle, Suite 1950, Indianapolis, Indiana 46204 (serving Central Indiana)
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