Area IV Agency on Aging and Community Action Programs recently received $100,000 from the Indiana Housing and Community Development Authority (IHCDA) to be used for a pilot Business Expansion and Entrepreneurship Development (BEED) initiative beginning immediately.

The objective of the program is to foster local micro-enterprise by aiding small business owners with five employees or less, at 200 percent of poverty or below, to expand and or retain business and create meaningful jobs for low-income individuals.

Area IV has partnered with Greater Lafayette Commerce to administer the lending program. Greater Lafayette Commerce’s Economic Development Division already offers a traditional Small Business Lending Program and their expertise will be invaluable in reaching the target audience. The partnership will focus on individuals who are not eligible for a conventional loan but rather will progress to that level in the future.

Business training will be incorporated into the program and loan amounts will range from $1,000 to $25,000 with interest income returned to the fund for future lending. Loans are available for Carroll, Clinton, Tippecanoe and White county residents.

Appointments may be made through the Greater Lafayette Commerce office in downtown Lafayette.

For additional information, call Jerry Holsapple at (765) 742-4041.