Grow Wabash County serves as a clearinghouse for business information and as a connector to get you to the right resources to ensure your business will thrive in Wabash County. Services we directly provide include entrepreneurship courses aimed at helping businesses start or expand, small business loans for your untraditional small business loan needs, help with site selection and determining zoning requirements. If you have any questions regarding starting or expanding a business in Wabash County please contact us.
Need a creative workspace for planning? INNOVATE@ INGUARD is a 24/7 free co-working space open to all experimenters, pioneers, and big thinkers to strategize their next big idea and is loaded with all the tech and amenities you need to fuel your next big idea including: Wi-Fi, Apple TV, conference phone, 3D printer, and more.
Business Consulting is offered free of charge through the Northeast (NE) Indiana Small Business Development Center every 3rd Thursday by appointment at the Grow Wabash County office located on the 2nd floor of City Hall, downtown Wabash. To get your business related questioned answered or for market research assistance set up an appointment by email or call (260) 563-5258.
Business mentoring through SCORE offers free one-on-one mentoring, either in-person or online, for both new and existing businesses. SCORE mentors deliver valuable, timely, and practical advice to help your business open new markets, reach new customers, and achieve new goals.
Determining a business name is critical and you will need to check name availability and register with the Indiana Secretary of State.
Determining the legal structure of the business can be complex as there are several types of legal business structures in the state of Indiana (Sole Proprietorship, Partnership, Corporation, and Limited Liability Companies). Assistance on the structure that suits your business can be sought from business assistance organizations, local attorney or accountant. Your choice of legal structure will affect your income taxes and personal liability. More information can be found at the Indiana Secretary of State’s step-by- step start a business.
Create a Business Plan or roadmap to show where you are in relation to where you want to be. Many businesses fail without a business plan and lenders require one prior to consideration for a loan. There are several routes to completing a business plan such as: traditional business plan, completing a Business Canvas, a simplified one-page business plan, or calling on experts to get tools and advice. The Small Business Development Center, SCORE, and Grow Wabash County’s Co.Starters entrepreneurship course can assist you with this process.
Today you may have many types of financial lending options.
Small Business Administration (SBA) Loans are a great way to finance your small business because they are guaranteed by the federal agency, which allows lenders to offer flexible terms and low interest rates. Getting one can help grow your business without taking on crippling debt. SBA loans are small-business loans guaranteed by the SBA and issued by participating lenders, mostly banks. The SBA can guarantee up to 85% of loans of $150,000 or less and 75% of loans of more than $150,000. The agency says its average loan amount was about $375,000 in 2016. The program’s maximum loan amount is $5 million.
Several types of taxes may be levied on businesses including income tax, employment tax, and other fees.
Certain types of businesses must hold special city permits or licenses. Certain licenses may also be required through the State of Indiana. To find out what licenses are required, please contact:
A building permit will be required when building any new structure or whenever adding square footage to an existing structure. Standard permits are $0.05 per square foot not to exceed $250 plus special variances and exception fees. All buildings requiring state approval will also need a county permit, at no additional charge. For more information contact the Plan Commission or stop by at the county courthouse located 1 W Hill Street Suite 205 Wabash, IN 46992.
Employers that plan to hire employees need to register as an employer, pay additional taxes, withhold, match, submit employee withholdings, and obtain worker’s compensation insurance. Contact the Internal Revenue Service online or call (800) 829-3676.