November 27th, 2012
ANDERSON, Ind. – The Small Business Administration recently recognized the Flagship Enterprise Center (FEC) as the top microloan lender in Indiana. Since its inception as a microloan mediator in July of 2010, the Flagship has approved 30 microloans. In the 2012 fiscal year, 74 percent of all microloans in the state of Indiana originated from the FEC. The FEC increased its lending capacity by nearly 400 percent from 2011 to 2012,
and anticipates continued growth in the coming year. Since the program’s inception, approximately $330,000 has been dispersed to start-up companies and early-stage small businesses in a 10-county region in central Indiana.
Microloans range between $1,000 and $50,000 and are available to any for-profit small business. The SBA microloan program bridges the lending gap which exists for small businesses unable to secure financing from a traditional bank due to lack of credit, collateral, or length of time in business. In addition to funding, the FEC provides borrowers with business development services including bookkeeping, marketing, and
business planning. FEC Microloan Manager Adam Hoeksema explained that microlenders outside of
Indiana are lending millions of dollars a year to hundreds of companies which create and retain thousands of jobs. His goal is for the Flagship’s Microloan Program to reach that level of impact in central Indiana. Hoeksema said “the growth of the FEC’s microloan program over the last couple of years has been great, but we still have plenty of room for expansion.”
FEC’s President and CEO Chuck Staley acknowledged former Executive Director Dewayne Landwehr for his early leadership in establishing the program and Hoeksema’s continued development and growth of the program. Staley stated, “Adam has done a tremendous job of leading the SBA Microloan Program. Nearly 70 percent of all loans
have been made to minority, women, or veteran owned businesses. This program represents another tangible way the Flagship Enterprise Center is serving our community and central Indiana.”
Microloan Success Stories: Seemingly small and insignificant loans can play an important role in the growth of an early stage business as demonstrated by two of the FEC’s Microloan borrowers: Fathom Voice and Scout & Zoe’s.
“In a rapidly expanding company cash flow is always the hang up. A microloan can help cover those inflection points when growing becomes GROWING,” said Fathom Voice Co -Founder, Bracken Fields.
Cindy Dunston Quirk, Founder of Scout & Zoe’s stated that, “Scout & Zoe’s utilized a microloan to purchase a large quantity of raw product that was essential for our business. By obtaining a larger quantity at a better price, we were able to grow our dog chew business rapidly.” Cindy explained that the loan helped the company fulfill orders from retail stores around the globe.
As the top microlender in the state, the Flagship intends to expand the microloan program to support many more early stage small businesses in 2013 and in the years to come.
Flagship Enterprise Center Created through a partnership between the city of Anderson and Anderson University,
the Flagship Enterprise Center is a technology-based business incubator and SBA microlender in Anderson, Indiana. To apply for a microloan, potential borrowers may contact Adam Hoeksema at (765) 622-7960 or firstname.lastname@example.org.
Source: Flagship Enterprise Center.