Indiana Legend Fund — Small Business Loan Participation Program
Indiana Economic Development Corporation (IEDC)
Lender-set loans
IN small business lending boost
The Legend Fund is the IEDC's SSBCI-funded loan participation program. Rather than lending to businesses directly, the IEDC purchases a portion — typically up to 49% — of qualifying loans originated by mission-oriented and non-traditional lenders (CDFIs, local revolving loan funds, and specialty lenders), which frees those lenders to extend more capital to Hoosier small businesses. The $29 million fund is expected to generate at least $50 million of lending impact, with at least 37% directed to traditionally underserved small businesses (including minority- and women-owned firms). Indiana businesses access the program by connecting with an approved lender through the IEDC's SSBCI/ConnectIND matching platform.
- Funding type
- Loan
- Level
- State
- Amount range
- Lender-set loans
- Realistic amount
- Loan amounts depend entirely on the participating lender (CDFIs, revolving loan funds, speci…
- Deadline
- Rolling — connect with an approved lender
- Status
- active
- States
- Indiana
- Payment model
- loan
Who qualifies
- Must be an Indiana-based small business with a qualified financing need
- Loan must be originated by an approved Legend Fund participating lender (CDFI, local revolving loan fund, or specialty lender)
- Program has an explicit focus on traditionally underserved businesses (at least 37% of funding), including minority- and women-owned firms
- Must meet the participating lender's underwriting criteria and applicable SSBCI program requirements
What it covers
Eligible expenses
- Working capital
- Equipment and machinery
- Inventory
- Business expansion and start-up costs
- Owner-occupied real estate / facilities (per lender and SSBCI rules)
Ineligible expenses
- Uses prohibited under SSBCI program rules
- Uses outside the participating lender's approved loan purposes
- Non-business / personal expenses
How to apply
-
1
Confirm Indiana small-business status and financing need
Verify the business is Indiana-based and has a qualifying financing purpose (working capital, equipment, expansion, etc.).
~1 hrs
-
2
Find an approved Legend Fund lender
Use the IEDC SSBCI / ConnectIND platform (iedc.in.gov/ssbci) to view and match with participating lenders. Nine-plus lenders have been approved, including CDFIs and revolving loan funds.
~2 hrs
-
3
Apply directly to the lender
Submit the lender's loan application with your business plan, financials, and documentation. The lender underwrites the loan; the IEDC purchases a participation (up to ~49%) to support it.
~10 hrs
-
4
Close the loan
On approval, close with the participating lender on its terms. Many mission lenders also provide technical assistance.
~3 hrs
You don't apply to the Legend Fund — you apply to a participating lender, and the state's participation is invisible to you except that it makes the lender more willing to say yes. The leverage is choosing a mission-oriented lender (CDFI or revolving loan fund) via the ConnectIND platform: they underwrite more flexibly than banks and the Legend Fund participation absorbs some of their risk, which is exactly why underserved and earlier-stage borrowers get approved here.
Deadline & timing
No application deadline. Indiana small businesses connect with approved Legend Fund lenders through the IEDC SSBCI / ConnectIND (Community Reinvestment Fund USA Connect) matching platform and apply directly to a lender. Availability depends on the participating lenders' capacity and remaining SSBCI program funds.
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Last reviewed 2026. GrantCompass is an independent funding-discovery tool and is not affiliated with any government agency. Always confirm details on the official program page.