Greene County Revolving Loan Fund helps local business

Submitted photo LOAN: On Friday, Sawyer Sparks of BioGreene, LLC, (middle) finalized a low-interest loan from the Greene County Revolving Loan Fund (GCRLF). Also pictured are (from left) Mark Robinson of MainSource Bank, Joan Bethell, Greene County Economic Development Corporation executive director, Mary Mudd, of USDA Rural Development, and Mike Burch, Crane Federal Credit Union.

Representatives from key agencies involved in the grant were present at the loan document closing to celebrate the success of the program and to encourage Sawyer in the development of his business.

The formation of the GCRLF is the result of almost a year-long effort by a group of dedicated volunteers including representatives of local banks, businesses and educators working within the framework of the Entrepreneurship Pillar of the Hometown Competitiveness program, a state initiative sponsored by the Indiana Office of Community & Rural Affairs.

In October 2009, their efforts paid off when the U.S. Department of Agriculture Rural Development awarded a $40,000 USDA Rural Business Enterprise Grant to the Greene County Economic Development Corporation. The grant, developed with the help of the Greene County Grant & Professional Development Consortium, is designed to provide an incentive for business expansion, job retention and creation, and private investment in rural areas of Indiana.

During that grant award ceremony, USDA Rural Development State Director Phil Lehmkuhler said, "With these funds, the Greene County Economic Development Corporation will be able to assist numerous small businesses who, in the past, have had very few options for alternatives to traditional bank financing."

This latest grant is one of several recently awarded in Indianaby USDA Rural Development.

"These grants are in keeping with the mission of USDA Rural Development, which is to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure," said Lehmkuhler. "USDA Rural Development is committed to improving the quality of life in rural Indiana. When rural Indiana makes progress, all of Indiana benefits."

Qualifying for the USDA grant required that local funds were pledged to further support the program. These funds were provided by Crane Federal Credit Union and MainSource Bank.

Since that time, GCEDC has received requests for business assistance, both technical and financial. In December, the GCRLF Loan Review Committee approved the loan to BioGreene, LLC, to facilitate the purchase of equipment to meet increased production demands and provide some capital for operations, the latter not typically covered in a standard bank loan.

GCEDC staff asks that you prepare before calling for assistance by working through the step-by-step process on GCEDC's Web site at: www.gcedc.us/business. The steps include assistance in entrepreneur assessment, identifying a business opportunity, assessing the business feasibility, writing a business plan, creating your elevator pitch, financing options, selecting a business legal structure, licenses and permits, mentors and networking, and additional resources.

Your request for assistance and copy of your business plan can be e-mailed to admin@gcedc.us .

Joan is the executive director at Greene County Economic Development Corporation and can be reached at (812) 847-4500 or jbethell@gcedc.us .