ACCELERATING AT THE SPEED OF BUSINESS
With 20 years of experience, we know there are times when businesses want to move fast and need prompt access to entrepreneurial resources, including capital investment. Our financial expertise and connections are deep and beneficial to promising ventures. Businesses at The NIIC find initial seed capital from multiple sources, including our funding programs.
Part of our mission is to accelerate the growth and development of your venture by connecting you to accessible seed capital and other investment financial resources. The Re-Imagine Fund or LEAP Fund may provide the resources you need to accelerate your venture.
Stay tuned: our new microlending program is coming in August 2020.
In May 2020, the NIIC was selected to participate in the Community Foundation of Greater Fort Wayne #GivingTuesdayNow campaign. Overall, our community raised over $715,000 through the campaign. Through the generosity of campaign gifts for The NIIC from our community, we established the 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 COVID-19 pandemic.
Current and past NIIC clients in good standing are eligible for this fund.
NIIC Re-Imagination Fund 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.
NIIC Leap Fund
LEAP (Local Entrepreneurial Acceleration Program) Fund is an option for current and past NIIC clients in good standing and non-NIIC clients. For non-NIIC clients in good standing, they will be underwritten on The NIIC’s behalf by a local bank prior to an approval/denial decision.
Investments are made by the Investment Committee of The NIIC’s Board of Directors. The LEAP Fund has approximately $500,000 of investable funds. Its investment recommendations follow a prescribed assessment, elevation and due diligence protocol. Only companies invited by The NIIC President and CEO may formally apply for gap financing. Entrepreneurs and business owners may apply on a rolling basis to the other two LEAP programs, but they require a current legal entity, to be domiciled in Northeast Indiana and have been denied by a bank or micro-lender/CDFI. Limited funds are available, resulting in high levels of competition.
Multiple financing options are available, depending on your venture’s needs:
- GAP FINANCING. Usually tied to a specific investable business with other early stage angel investors, gap financing focuses on prototype development, feasibility studies and business plan creation. Financing can be as much as $50,000.
- ASSET-BASED FINANCING. Provides up to $25,000 to entrepreneurs to lease technology and equipment needed to enhance, test and improve business operations. The venture needs to have cash flow to support debt repayment.
- REVOLVING WORKING CAPITAL LINE OF CREDIT. Helps counter the cyclicality of the technology sales circuit. Financing can be as much as $15,000. Local micro-financing leaders, CDFI’s and CDC’s should be fully explored and investigated prior to making an application to The NIIC’s LEAP Fund.
To learn more about accelerating your business or venture at The NIIC, contact us.