Launch Your Small Business in Wabash County with Brightpoint Development Fund

Wabash County, IN, is the perfect place to launch your business, with many resources available to help with the process. Small business funding programs can assist new enterprises in starting and contributing to their growth.

For example, Brightpoint Development Fund in Northeast Indiana provides financing for small business owners looking to grow their operations and entrepreneurs just beginning their journey. The nonprofit organization provides affordable business loans, financial education, and housing development services within the region. 

What is Brightpoint Development Fund?

Founded in 2010, Brightpoint Development Fund is a U.S. Small Business Administration (SBA) microlender and a U.S. Department of the Treasury Community Development Financial Institution (CDFI). Its mission is to create economic opportunities for communities, families, and individuals who lack access to affordable capital and financial services. This includes customers who cannot borrow from traditional lenders due to past credit problems or only need a small amount of capital. Borrowers can receive a personal or business loan to help them improve their financial health and access mainstream financial resources in the future.

“Brightpoint Development Fund is invested in businesses that are going to support our community, including individuals who are trying to create startups,” said Matthew Crouch, Vice President of Community Economic Development for Brightpoint. “Our goal is to provide support or find someone else to support getting new businesses up and running to be successful.”

Crouch has been with Brightpoint for two years after working for the State of Indiana for 15 years in community development.

“From trucking to home health and from restaurants to spas, we walk them through the process of applying, creating a business plan, and making sure they understand the clientele,” Crouch said. “We also provide services for small businesses that need help with determining projections.”

Small Business Microloan Program

The Small Business Microloan Program consists of the following terms. The loan will range from $5,000 – $50,000 and will be in effect for a maximum of 60 months at up to a 12% fixed interest rate. The Collateral Value Requirement is 30% of the loan request. The funds that a small business receives can be used for many essential needs.

“For example, a small business might require funding to remodel a vacant space in a building that would allow it to take on more customers,” Crouch said. “We encourage them to give us a call and see how we can help because that’s what we are here for.”

Because Brightpoint is not here to compete with banks, some banks will often refer loan requesters to them. However, unlike most bank financing, Brightpoint continues working with businesses after the initial loan.

“We receive a report from the federal government for us to continue to provide assistance after the small business is given the loan,” Crouch said. “This includes projects from working to find an accountant, lawyer, or consultant, to meeting with new startups or walking through ways to develop a new menu.”

Brightpoint Also Provides Other Helpful Services to Wabash County Entrepreneurs

The organization offers financial empowerment training workshops and one-on-one coaching sessions about budget, credit, and the importance of banking and housing. Consumer loans are also available to employers who have signed up for the Community Loan Center of Northeast Indiana program, offering affordable, small-dollar loans as a benefit to employees.

In addition to Wabash, Brightpoint Development Fund serves the following northeast Indiana counties: Adams, Allen, DeKalb, Elkhart, Fulton, Grant, Huntington, Kosciusko, LaGrange, Marshall, Miami, Noble, St. Joseph, Steuben, Wells, and Whitley.

Assisting Small Businesses in Wabash County 

Grow Wabash County is a one-stop-shop for business development efforts, focusing on the five main pillars of service: business development, entrepreneurship, livability, workforce development and investor services. We provide local incentives and other benefits to businesses looking to locate or grow here. Contact us today to learn how you can grow with us, too!