Home » Habana Blues receives Small Business Revolving Loan Fund

Habana Blues receives Small Business Revolving Loan Fund

Will allow New Albany business to relocate to larger facility

New Albany, Ind. (Oct. 20, 2014) — The Horseshoe Foundation of Floyd County announced today that Habana Blues is the recipient of its $50,000 Small Business Revolving Loan Fund program.

logo_image_e589dcd3b4e142f0afa56f79ab7f6e78The program designed to assist private business enterprises based in Floyd County with expanding their operations and retaining or increasing employees.

Habana Blues will use the funds to relocate to a new location at 320 Pearl Street in New Albany. The move, which will increase Habana Blues by 5,700-s.f., will allow for valet parking and live entertainment on the weekends

All applicants of the loan program are required to be in business in Floyd County and have a minimum of two years’ experience. A nine-memberreview committee, consisting of directors from the HFFC, the local business community, and One Southern Indiana, evaluates loan applications and determines funding decisions. Maximum loan terms are ten years for land and building financing, five years for equipment loans and two years for working capital loans. The loans offer an interest rate of 2 percent below prime with a minimum rate of percent.