Southern Indiana Business Report
INDIANAPOLIS — Lt. Gov. Suzanne Crouch and the Office of Community and Rural Affairs announced a second phase of the Hometown Business Preservation Initiative, or HBPI 2.0, Jan. 12 in partnership with the Purdue Center for Regional Development and Ohio State University.
“In the initial round of this program, OCRA was able to partner with several Hoosier communities, helping them establish loan programs to support our small businesses,” Crouch said. “We are excited to continue to support new revolving loan programs that will help more small businesses and help rural Indiana.”
HBPI 2.0 is an instructional program aiming to support the viability of revolving loan funds in rural communities. Revolving loan funds, or RLFs, are often employed by non-profits and municipalities to help small businesses overcome financial barriers and to build community resilience in response to economic changes. The self-sustaining nature of RLFs allows them to operate long-term with little additional investment.
The program will provide training to local leaders on how to grow these funding mechanisms in three critical areas: fostering agility, grant writing and sustainability.
“Our agency works to provide support to Indiana’s rural communities in various ways, one of which includes helping to ensure economic vitality,” said OCRA Executive Director Denny Spinner. “Through HBPI 2.0, communities can better understand how to develop and grow these funds in order to best serve their community and their small businesses for years to come.”
Informational webinars introducing this phase of the program will be held at 2 p.m. on Wednesday, Jan. 26, and at 10 a.m. on Thursday, Jan 27. Those interested should register for these events in advance by clicking here.
“The Purdue Center for Regional Development collaboratively partners with OCRA and organizations across the state through opportunities which support economic prosperity,” said PCRD Regional Director Julie Rigrish. “Phase II of the Hometown Business Preservation Initiative provides an additional level of valuable technical assistance and resources to organizations, entities, boards and committees managing a revolving loan fund.”
Applications to participate in HBPI 2.0 are due by 3:59 p.m. on Friday, Feb. 11. Communities can visit in.gov/ocra/cdbg/hometown-business-preservation-initiative to apply.
Questions regarding the program should be directed to Christmas Hudgens, Julie Rigrish or a local OCRA community liaison.