Business financing in Vigo County.

Business financing means borrowing money — or accessing grants and credit lines — to start, run, or grow a business. In Vigo County, this can mean a small loan to buy equipment for a solo contracting business, a line of credit to manage slow seasons, or a larger loan to purchase a commercial property in Terre Haute.

Financing comes in several forms:

• **Term loans** — You borrow a fixed amount and repay it over time with interest. Good for equipment, vehicles, or renovations.

• **Lines of credit** — A flexible pool of funds you draw from and repay as needed. Good for managing cash flow.

• **SBA-backed loans** — Loans made by local banks or credit unions and partially guaranteed by the U.S. Small Business Administration. This reduces risk for the lender, which can mean better terms for you.

• **Microloans** — Smaller loans (often under $50,000) offered through CDFIs and nonprofits. Often the most accessible option for newer businesses or those with limited credit history.

• **Grants** — Money that doesn't need to be repaid. Harder to qualify for, but worth researching through the city of Terre Haute and Indiana state programs.

Vigo County's economy is anchored by Indiana State University, Union Hospital, and a growing manufacturing and logistics sector. Local lenders understand this economy and often have programs tailored to it.

Qualification requirements vary by lender and program, but here is what generally matters in Vigo County:

**For traditional bank loans:**

• A credit score of 650 or higher is typical, though some lenders will work with lower scores.

• At least one to two years of business history, with tax returns or bank statements to show revenue.

• A business plan or a clear explanation of how you'll use the funds and repay them.

**For SBA-backed loans (like the 7(a) or 504 programs):**

• Your business must operate for profit and be based in the U.S.

• You must have some owner equity invested — lenders want to see you have skin in the game.

• Certain industries (gambling, lending, speculative real estate) are excluded.

**For microloans and CDFI loans:**

• Credit score requirements are more flexible — some programs accept scores below 600.

• Many CDFIs serve entrepreneurs who are just starting out, work in trades, or are re-entering the workforce.

• Some programs specifically support women-owned, veteran-owned, or minority-owned businesses.

**ITIN borrowers:**

• If you do not have a Social Security Number, an Individual Taxpayer Identification Number (ITIN) may still allow you to access certain loans. A few local credit unions and CDFIs in Indiana accept ITINs. See the lender section below for specifics.

**Local context:** If you are a contractor, trades professional, or small landlord in Terre Haute, Brazil, or anywhere in Vigo County, your ties to the local economy — steady clients, a track record of work — matter to community lenders even if your credit file is thin.

Gathering your paperwork before you apply saves time and builds lender confidence. Here is a practical checklist for most business loan applications in Vigo County:

**Identity & Legal Documents:**

• Government-issued photo ID (driver's license, passport, or consular ID)

• Social Security Number (SSN) or ITIN

• Business formation documents (Articles of Incorporation, LLC Operating Agreement, or DBA filing from the Vigo County Clerk's office)

• EIN (Employer Identification Number) from the IRS — free to obtain at IRS.gov

**Financial Documents:**

• Personal tax returns for the past two years

• Business tax returns for the past two years (if your business has been operating that long)

• Recent bank statements — typically three to six months

• Profit and loss statement (your income minus your expenses)

• Balance sheet (what you own vs. what you owe)

**Business Plan or Use-of-Funds Statement:**

• A short explanation of your business, how you will use the loan, and how you plan to repay it. It does not need to be a 20-page document — a clear one-page summary is often enough for microloans.

**For Real Estate Investors:**

• Property address and purchase price or current value

• Rental income history or projected rent rolls

• Any existing mortgage statements

**Tip:** The Terre Haute office of the Indiana Small Business Development Center (ISBDC) can help you prepare financial statements and business plans at no cost. This is one of the most underused resources in Vigo County.