A revamped revolving loan program is taking aim to provide jobs and economic growth to areas that need it most. City leaders in Evansville are hoping existing businesses, new business and startups will tap into the available funds.
More than $850,000 are currently available through the program that provides financial capital to entrepreneurs unable to get conventional financing. Evansville Department of Metropolitan Development says the focus and priority for business loans will be in Evansville’s Promise Zone another federally funded program with similar goals.
“It all goes hand in hand, clearing blight to build new houses to put new people living in neighborhoods, you need services a drug store, a grocery store, entertainment, all of those things we don’t have one targeted retail, one targeted commercial enterprise in mind. The idea is to create as many jobs as possible in areas where people can walk to work,” said Kelley Coures, Executive Director of Metro Development.
The Obama Administration designated Evansville a Promise Zone just over a year ago. The two programs share common goals of job creation and increased economic activity.