Businesses seek to capitalize on eclipse fans
It’s only in the path of totality that observers will see the corona—the glowing ring of light that surrounds the blacked-out sun.
Small Business
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IEDC launches lending program for small biz
The Indiana Economic Development Corp. said the Legend Fund can help entrepreneurs and small businesses with small loans, typically under $50,000.
New $29M Legend Fund aims to provide more capital to Indiana small businesses
The IEDC said the Legend Fund will give non-traditional lenders an incentive to provide operating capital to Indiana-based businesses. Eligible lenders could have a portion of the loans they issue purchased by the IEDC, freeing up capital to support more entrepreneurs and small businesses.
Indianapolis company is one of nation’s largest regional alcoholic cider producers
Ash & Elm Cider Co.’s owners say the company is just getting started, with plans to expand its retail business to neighboring states and grow its online cider club into the nation’s biggest.
U.S. small-business optimism index sees biggest drop since end of 2022
The share of owners planning to boost employment dropped to the lowest level since May 2020.
Franklin’s Canary Creek Cinemas to close after 24-year run
Canary Creek, which opened in 1999, will screen its last movies this weekend. The theater has historic ties to Franklin’s century-old Artcraft movie theater in downtown Franklin, which continues to operate.
Small businesses face new regulations in 2024
Regulations are created to improve business dealings, discourage unfair or illegal business activity, and protect workers. But, for small business owners, they often mean more red tape, higher costs and possible penalties for failing to comply.
Turned down for loans, business owners seek growth capital elsewhere
Among the many challenges small businesses face as they try to grow these days is getting a loan. Banks big and small have tightened lending standards along with rising interest rates the past two years.
Taking the plunge: How to know when to make your side hustle your full-time gig
No entrepreneur is likely to receive a sign from the universe—or from their accountant—that it’s all going to work out.
Labor challenges, inflation stoke pessimism for small business
The National Federation of Independent Business’ “optimism index” in September was listed at 90.8, which is lower than the group’s 49-year average—98—for the 21st consecutive month.
U.S. small-business optimism drops on outlook for economy, credit
A National Federation of Independent Business index of sentiment fell to a four-month low in September.
IRS to pause taking claims for pandemic-era tax credit due to influx of fraudulent claims
The IRS has received 3.6 million claims for the credit over the course of the program. It said hundreds of criminal cases have been started and thousands of claims have been referred for audit.
Rising interest rates on credit cards are squeezing some small businesses
The average credit card interest rate charged by commercial banks was 20.1% at the end of the first quarter—the highest since the Federal Reserve began tracking this statistic in 1995. In comparison, that rate stood at 14.6% during the same period a year earlier.
Federal grant helps IEDC expand minority services to small businesses
The agency last year received $1.6 million from the federal Minority Business Development Agency and added $400,000 in matching funds.
State tool connects Hoosier entrepreneurs with resources
ConnectIND has a portal with information on everything from funding sources to coworking spaces to business incubators. It also has a network of 10 navigators being hired around the state to offer free guidance and support for the portal’s users.
Rising interest rates pinch small-business borrowers
The average prime rate, or the rate banks set as a reference for customer loans, was 4%. The prime rate has more than doubled since then, hitting 8.25% in May.
2023 Innovation Issue: Startup NanoBio Designs seeks to simplify genetic testing
A local small business is hoping to deploy technology in the coming years that could help seed producers and distributors more quickly determine the genetic makeup of their products.
2023 Innovation Issue: Inari aims to boost crop yields through unique gene-editing technology
From a base in West Lafayette at the Purdue Research Park, the company’s scientists are racing to create environmentally friendly, food-insecurity-fighting crops through special genetic technology.
Fishers firm turns old shipping containers into attainable housing
Cities around the country are beginning to look at container units to address homelessness and increase housing supply.
Small business owners feel growing credit crunch
Small businesses are seeing the already-tough process of getting business loans get even tougher. They say they’re getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.