Grants and Incentives

Capital Access Program

 

CAP BONUS DEPOSIT PROMOTION

The Capital Access Program (CAP) is a small business credit enhancement program that creates a specific cash reserve fund for the lender to use as additional collateral for loans enrolled in the Program. CAP allows lenders to consider making slightly riskier loans that might not meet conventional lending requirements.

Under the Program, the borrower, the lender and the IEDC each contribute a percentage of the loan into the lender's reserve fund, which pools contributions from all CAP loans. The lender determines whether a loan is made, the interest rate, the terms and conditions and the amount contributed to the reserve fund (1.5% to 3.5% of the loan). The borrower pays its portion and the lender matches that amount (which the lender passes on to the borrower). The IEDC contributes a combined match of both the lender and borrower based on the following calculations:

IEDC will match ONE to ONE for lenders with over $2 million in loans enrolled in CAP.

IEDC’s contribution is ONE-AND-A-HALF TIMES for lenders with less than $2 million in loans enrolled in CAP.

IEDC's contribution DOUBLES when a lender makes a loan to a business that is owned and operated by a racial minority borrower.

IEDC's contribution TRIPLES when:

  • The business is a high-growth/high-skilled company paying high wages to skilled workers.
  • The business is a licensed child care facility.

As of June 2005, the CAP has:

  • helped Indiana lenders make over 3,100 loans totaling in excess of $150 million
  • leveraged state funds over 23 times
  • assisted in the creation of over 10,100 Hoosier jobs

Contact Information

Mailing Address:

Indiana Economic Development Corporation
One North Capitol, Suite 900
Indianapolis, IN 46204
(317) 233-9138 Phone
Office Hours: Monday - Friday
8:00 am to 5:00 pm

Contact:

Matt Tuohy, Program Manager, (317) 233-9138

CAP Bank Contacts

Main Source Bank
136 East Harriman
Bargersville, IN 46106
Contact: Richard Morris
(317) 422-5171
website: http://www.mainsourcebankin.com/

Centier Bank
600 E. 84th Ave.
Merrillville, IN 46410-6366
Contact: Trish Reid
(219) 755-0669 x1519
fax: (219) 660-4347
e-mail: mailto:dbland@centier.com

Elkhart Community Bank
303 South 3rd Street
Elkhart, IN 46516
Contact: Vince VonDerVellen
(574) 295-8776
fax: (574) 293-5858
website: http://www.elkhartbank.com/

Fifth Third Bank
126 East 4th Street
Michigan City, IN 46260
Contact: Megan Lamb
(219) 861-2212
e-mail: megan.lamb@53.com 

First Farmers Bank & Trust
123 N. Jefferson St.
P.O. Box 690
Converse, IN 46919
Contact: Norman Lavengood
(765) 395-3316
e-mail: mailto:langlc@ffbt.com
website: http://www.ffbt.com/

The National Bank of Indianapolis
107 N. Pennsylvania St., Ste. 700
Indianapolis, IN  46204
Contact: Andy Smith
(317) 261-9211
fax:  (317) 261-9696
e-mail: andrewsmith@nbofi.com  

1st Source Bank
100 N. Michigan
P.O. Box 1602
South Bend, IN  46634
Contact: Tony Obringer
(574) 235-2267
website: http://www.1stsource.com/ 

DeMotte State Bank
P.O. Box 400
210 South Halleck
DeMotte, IN 46310
Contact: Jeff Isemenger
(219) 987-4141 x103240
website: http://www.netdsb.com/

Madison Community Bank, NA
33 W. 10th Street
Anderson, IN 46016
Contact: Aaron Reger
(765) 622-9773
fax: (765) 640-4979
website: http://www.firstmerchant.com/
e-mail: grant@1stsource.com

Horizon Bank
502 Franklin Square
Michigan City, IN 46360
Commercial Loan Dept.
1-888-873-2640
website: http://www.accesshorizon.com/

Huntington National Bank
201 N. Illinois, #1800
Indianapolis, IN 46204
Contact: Jenell Sanders
(317) 237-2591
fax: (317) 237-2505
website: http://www.huntington.com/

KeyBank
10 W. Market St., Suite 900
Indianapolis, IN 46204
Contact: Stewart Hawkins
(317) 464-8159
fax: (317) 464-8022
website: http://www.keybank.com/

Harris N.A. fka Mercantile National
250 S. Washington
Valparaiso, IN  46383
Contact; Jo Ann Coleman
(219) 462-7645
website: http://www.harrisbank.com/

First Indiana Bank
135 N. Pennsylvania St.
Indianapolis, IN  46204
Contact: Kelly McDonald
(317) 859-4738
website: http://www.firstindiana.com/

Regions Bank fka Union Planters Bank
One Indiana Square, Ste. 501
Indianapolis, IN  46204
Contact: Timothy Wright
(317) 221-6406
fax:  (317) 221-6230
e-mail: timothy.wright@regions.com

Wayne Bank & Trust Company
500 South A Street
P.O. Box 728
Richmond, IN  47375
Contacts: Gary Hackman or Dennis King
1 (888) 769-2963
e-mail: ghackman@waynebnk.com or dking@waynebank.com

LaSalle Bank
130 South Main Street
Ste. 200
South Bend, IN  46601
Contact: Carolyn Anderson
(574) 283-5545
website: http://www.lasallebank.com/

Comparing the cost to do business in New York with Indiana showed that the best place for us to grow our business was here at home.

-Gregg Baumbaugh, chief executive, FlexForm Technologies