SSBCI Legend Fund — Indiana Small Business Loan Participation
Invests in Indiana small businesses through loan participation pathways with mission-oriented lenders.
The Legend Fund is a loan participation program established by the Indiana Economic Development Corporation (IEDC) under the federal State Small Business Credit Initiative (SSBCI), which is funded by the U.S. Treasury and state-administered by IEDC. The Legend Fund allocates up to $29 million to mission-driven local lenders — including Community Development Financial Institutions (CDFIs), revolving loan funds, and specialty lenders headquartered in Indiana — to incentivize lending to Indiana small businesses that may not qualify through conventional channels. Loans range from $5,000 to $1,000,000 for general business operating capital needs, and the program runs through 2031 or until the $29 million pool is exhausted.
Eligible uses of loan proceeds include startup costs, working capital, franchise fees, acquisition of equipment and inventory, services used in production or manufacturing, and purchase or renovation of an eligible business facility; passive real estate investment is explicitly excluded. The average borrower under the Legend Fund has 500 employees or fewer, with an absolute cap of 750 employees. At least 37% of total SSBCI funding across the program is dedicated to traditionally underserved businesses, including businesses owned by women, minorities, veterans, and low-to-moderate income entrepreneurs. IEDC collaborates with Elevate Ventures on the broader SSBCI initiative, though the $99 million VC equity component managed through Elevate is separate from the Legend Fund loan program.
Businesses do not apply directly to IEDC for Legend Fund loans; they apply through participating Indiana-based lenders that have enrolled in the program. Loan terms — including interest rate, repayment schedule, and collateral requirements — are set by the individual participating lender, not IEDC. Companies seeking access should identify a participating CDFI or revolving loan fund in Indiana, confirm they meet the employee-size threshold, and present a business plan demonstrating how proceeds will be used for eligible operating capital purposes.
Loan participation of $5,000–$1,000,000 for Indiana small businesses seeking operating capital — including startup costs, working capital, equipment, and facility improvements — channeled through mission-driven CDFIs and revolving loan funds, with at least 37% reserved for underserved borrowers.
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