Announcing The NIIC Re-imagination Fund
We were honored to have been selected to participate in the Community Foundation of Greater Fort Wayne #GivingTuesdayNow campaign. Through the generosity of gifts from our community, The NIIC has established the NIIC Re-imagination Fund.
We established this fund to support underestimated founders located in Northeast Indiana who are facing liquidity problems and looking to reset and re-imagine their business model post COVID19 pandemic
Additional Fund Information
Micro-loans: $250-$1,000 (as of 5.13.20)
- Repayment starts 6 months after loan closing
- Repayment period is 12 months at 3% interest*, longer repayment than 12 months will be at 5% interest if current on payments and 18% if in default
- Applicant must successfully complete 2 courses within the Money Matter$ Workshop Series within the deferred payment period (6 months after loan closing) to be eligible for a 0% loan for 12 months
Eligibility Requirements to apply for a Re-imagination Loan
- You are an incorporated business with a Federal Taxpayer ID #.
- Your business is located in Northeast Indiana.
- Your business was in operations in June 2019 or before and producing revenue of less than $100,000/annualized a year.
- You have at least one full-time employee (FTE) devoted to the business.
- Your business is ready to pivot, reopen and/or accommodate a new, viable business model in this new-normal business environment.
- You are an underestimated founder or organization – women, immigrants, minorities, or rural business builder.
- You are a previous or current NIIC or WEOC client in good standing.
Frequently Asked Questions
1. What businesses are NOT eligible to apply?
Businesses that are franchises, nonprofit organizations, chains, multi-level marketing firms, adult entertainment, gambling entities or lending businesses. You may not have any active NIIC loans or convertible debentures or fees outstanding due to the NIIC at time of application.
2. What can the loan money be used for?
Must have at least one business deliverable or milestone that funding will advance within the next 6 months. Funds may not be used for personal indebtedness or personal expenses. Use of funds must be disclosed on application.
3. When is the deadline?
Applications will be available May 15, 2020, and accepted on a rolling basis until funds are exhausted. Applications will be prioritized according to funding need, prospect for a successful business reset and viability of the business model.
4. What types of businesses are eligible for micro-loans?
Microenterprises of 5 or less FTE are eligible for loans subject to the type of business eligibility stated in the first question above, the level of revenue noted in the eligibility requirements above and the effective date of commencement of operations.
5. What loan sizes are available, and are there grants?
Microloans will be available between $250 and $1,000 based on the indicated need of the applicant. We hope to offer increased microloans up to $5,000 in the future, but this will be based on our efforts to secure this outside funding.
There are no grants available under this program. All disbursements will be loans.
6. How will awards be evaluated?
Eligible candidates will be assessed based on demonstrated need, including, but not limited to:
- Business case made for the businesses reset and re-imagination
- Likely achievement of the milestone/deliverable within the performance period
- Previous participation and outcomes in NIIC/WEOC coaching, training and events.
- Located in a county serviced by NIIC/WEOC.
- Demonstrating status as a low- to moderate-income borrower.
- Financial condition/liquidity needs of the applicant.
- Likely survivability of the business.
7. What is the approval time from a completed application?
Completed applications are reviewed on a first come, first serve basis. Typical review time will be 5 to 7 business days or less. Funding for successful applicants will usually be completed within 14 days of application submission if not sooner.