Agency offers loans to small businesses

LAFAYETTE, Ind. (WLFI) - An area agency is helping local small business owners create new jobs.

Area IV Agency on Aging and Community Action Program has been granted $100,000 to establish a lending program for small businesses. Loans can be anywhere from $1,000 to $25,000.

"We would have one job for every $15,000 loaned. Our goal informally is to do better than that. Preference will be given to jobs that endure. In other words, creating a job for three months is not going to get preference over somebody that has a job that might last for several years," explained Greater Lafayette Commerce loan manager Jerry Holsapple. The Greater Lafayette Commerce is partnering with the Area IV Agency.

Executive Director Sharon Wood said the loans will be for business owners who qualify as low-income individuals or must be to an existing business that will recruit and hire low-income individuals for a new position.

"This takes us to a group that has been underserved in the community. It is somebody who has a good business model and doesn't have the financial resources to bring it to the table," Holsapple said.

Applications will be accepted at the Greater Lafayette Commerce office which is located in downtown Lafayette at 337 Columbia Street. It will be taking applications from 2:00 p.m. and 4:00 p.m. Tuesday, Wednesday and Thursday. Interested individuals can contact Holsapple by calling the Greater Lafayette Commerce at (765) 742-4044 to schedule an appointment.