Renew Indianapolis, a nonprofit organization committed to improving housing, economic development, and quality of life in the metropolitan Indianapolis area, announced it has expanded its small business loan program, the Build Fund, into Hamilton County. Operating in Marion County since 2015 as a nonprofit Community Development Financial Institution (CDFI), the Build Fund’s expansion to the north will connect even more businesses in Central Indiana to flexible, affordable, and responsible funding to help them grow, create jobs, and support neighborhood development.
Along with the Build Fund expansion, Renew Indianapolis is pleased to announce a new partnership with Bankable, also a nonprofit lender and CDFI, based in Anderson, Indiana, that has helped small businesses start up and grow for more than a decade. Along with the Build Fund, Bankable is committed to helping small businesses find fair and affordable financing when traditional banks are not the right fit.
“With the Build Fund’s new presence in Hamilton County and our partnership with Bankable, we hope to reach dozens of startup restaurants, breweries, fitness centers, and more who aren’t quite ready to obtain traditional funding,” said Steven Meyer, Renew Indianapolis CEO. “This is also beneficial for the communities where these new and expanded businesses are located. In addition to bringing good-paying jobs to the area, these businesses support the local community through their tax dollars, which pay for essential quality of life services like schools, parks, libraries, and public health and safety.”
Businesses in Marion – and now Hamilton – County can use the financing from the Build Fund to buy a property, expand at existing locations, or purchase equipment. As borrowers repay loans, their payments are used to fund new investments and create even more job opportunities across the area.
While the shared mission of Renew Indianapolis’ Build Fund and Bankable is to strengthen all types of businesses, both have a special focus on creating opportunities for those that have traditionally been underserved. Renew Indianapolis’ Build Fund supports minority-owned, women-owned, and veteran-owned organizations and business leaders that reflect the community’s diversity.
One of those businesses is women-majority-owned Ash & Elm Cider Company, whose husband and wife team used their original Build Fund loan to move into their first permanent home located on the near-eastside of Indianapolis in 2016. Recently, Ash & Elm Cider Company is using Build Fund financing again to break ground and begin construction on their brand new tasting room that will include an expanded drink selection, food menu, and expanded seating capacity.
“Working with the Build Fund for our expansion loan was a great experience,” said Andrea Homoya, owner of Ash & Elm Cider Company. “They communicated clearly what they needed from us and about the process all along the way. Being able to stay with a lender who we’ve grown with from the beginning is really special. We both feel invested in each other’s growth and development, and it’s great to feel that way about the people you work with.”
Renew Indianapolis Build Fund “by the numbers” since 2015:
The Build Fund’s impact on the community is measurable; Build Fund business borrowers grow and support their local neighborhood through job creation, services, and general neighborhood development. Here’s an overview of the Build Fund’s impact in Marion County since 2015:
On average, Build Fund’s borrowers have created 14 jobs each, or one job for every $31,000 borrowed. To date, the Build Fund’s clients have created 249 jobs.
There have been a total of 24 loans adding up to more than $8 million.
10 new business have been supported; 231 businesses have received technical support.
Several businesses have used Build Fund loans to revitalize brownfield properties or renovate vacant properties.
For more information about the Build Fund, and all of Renew Indianapolis’ programs and services, visit https://renewindy.org/.