BEAD Offers New Business Incentive Programs

The City of Bloomington Department of Economic & Sustainable Development and BEAD are proud to annouce two new programs for local businesses and organizations:

BEAD Forgivable Loans

The BEAD Forgivable Loan program will offer subordinated direct loans which can be forgiven with no principal or interest due if the project remains in operation for at least five years. The BEAD loans will require leverage of at least 2 to 1, meaning for every dollar of BEAD forgivable loan there must be two dollars of financing/equity investment. Projects eligible for the BEAD Forgivable Loan program will fall into two categories based on geographic location and project type:

• Arts Row BEAD loans target creation of retail, retaurant (no formula businesses are eligible), arts space or gallery in the Arts Row character district of BEAD: retail, restaurant, arts space or gallery - $10,000 maximum loan.
• Sector-focused BEAD loans target the creation of retail, arts space, or gallery businesses anywhere in BEAD - $5,000 maximum loan. Learn More Here: [file:9757].

Arts Partner Grants

This competitive grant program will support efforts that grow not-for-profit and for-profit organizations and businesses with a focus on the arts, that enhance the overall arts economy, and/or will seed those projects or events that add to Bloomington's attraction as an arts destination and support the goals of the Bloomington Entertainment and Arts District (BEAD). The maximum individual grant award is $5,000.
Learn More Here: [file:9756]. The deadline for the 2011 Arts Partner Grant Program has passed. Check back here for information on the 2012 program.

To learn more about these new programs, contact Miah Michaelsen, Assistant Economic Development Director for the Arts, City of Bloomington, 812.349.3534 or michaelm@bloomington.in.gov.