NEW ALBANY, Ind. — Two area businesses were recently approved for loans from the Caesars Foundation Small Business Revolving Loan Fund. Wine Shop, LLC and Mile Mile and a Half, LLC, both southern Indiana businesses, each received $50,000 in loans from the fund created by the Foundation in 2008 and administered by One Southern Indiana.
Lauren VanCleave & Jason Searby, who have over 35 years of combined wine, spirits, hospitality and retail management experience, designed Wine Shop to connect communities and open up the world of wine in a way that is fun, engaging and welcoming to all. The tasting bar and boutique wine store opened Wednesday, November 2, in the heart of downtown New Albany, featuring food and drink offerings from near and far.
Low-risk, high-reward shopping is at the core of their business, introducing customers to new and exciting flavors in a welcoming and accessible space. Customers can try before they buy, plan an event or simply enjoy a drink in the neighborhood. The family-owned business has a small team specializing in wine and beer tasting, education and collaboration with the local food and beverage community.
Mile Mile and a Half, LLC was established by Ronald Eve and Kevin Taylor to invest in real estate that could be brought back to life to serve the communities of Southern Indiana and the Louisville Metro area. They seek out distressed or dated properties, remodeling and renovating them to current standards and aesthetics for residential and commercial tenants. Ronald Eve oversees day-to-day operations, while Kevin Taylor is responsible for project management on acquired property renovations.
The Caesars Foundation of Floyd County, Small Business Revolving Loan Fund, assists emerging private businesses in expanding operations and increasing or retaining employees. The fund is capitalized by $1,000,000 from the Caesars Foundation and administered by One Southern Indiana. For consideration, businesses must be located or plan to locate in Floyd County and have been established at least two years in business or have applicable business experience of at least two years.
Loan amounts range from $5,000 to $50,000 with a maximum interest rate less than the prime interest rate. Maximum terms of loans are 10 years for land and building loans, five years for equipment loans, and two years for working capital loans. One Southern Indiana coordinates the activities of the Loan Review Committee, coordinates loan closings and services the loans throughout repayment.
“Caesars Foundation is delighted to offer loans from the Small Business Revolving Loan Fund to these two businesses,” said Dr. Josh Kornberg, Executive Director of Caesars Foundation of Floyd County. A part of our mandate is to encourage economic development in Floyd County. Small business is the backbone of the economy, not only here in Floyd County, but across the United States. We look forward to watching these two companies succeed and grow.
Wendy Dant Chesser, president and CEO of One Southern Indiana, concurred, “It’s clear that the entrepreneurial spirit is alive and well in southern Indiana. Even though the pandemic and economic shifts, we have continued to see people step out boldly to start or expand their dream businesses. We’re grateful to the Caesar’s Foundation for funding these ventures and the Loan Review committee for their work in reviewing requests. We’re excited to watch these two businesses flourish and add to the vitality of our region.”
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