Angola Investment Fund
Angola Investment Fund
The Angola Investment Fund (AIF) is an asset offered to businesses in Angola designed to promote sustained growth and development within the City. Established in 2013, the fund was launched with a $1 million investment from the city’s Major Moves initiative. The Major Moves funds were established following the lease of the Indiana Toll Road and are dedicated to supporting transportation and economic development projects within the City of Angola.
The primary goal of the AIF is to create and promote high-wage, highly skilled jobs while stimulating investment in the City of Angola. The AIF was designed to grow through loan repayments, allowing it to continually expand and provide increased funding to businesses in Angola. By offering interest rates 2% below the prime rate, the AIF makes it easier for individuals and businesses to expand their operations. Note: The loan rate will not fall below 2%.
The AIF is overseen by a committee of dedicated representatives from local businesses, Elevate Ventures, the Steuben County Economic Development Corporation, and the Angola City Council. All sessions and meetings for the Angola Investment Fund Account Board are held at City Hall, in Council Chambers. Contact Council Member, Jerry McDermid, jmcdermid@angolain.org, or SCEDC Executive Director, Isaac Lee (isaac@steubenedc.com) for more information.
AIF Loan Programs
Traditional Loan Program
The AIF targets key industry clusters in Angola, with the Traditional Loan Program specifically aimed at businesses involved in manufacturing, production, and processing. This program is designed to support the growth and expansion of industrial businesses within the City of Angola.
Commercial & Retail Loan Program
The Angola Investment Fund (AIF) was expanded to broaden its reach and include additional industry sectors beyond its traditional focus. This expansion introduced the Commercial & Retail Loan Program, which specifically targets commercial and retail establishments within the City of Angola. The new program aims to support a wider range of businesses by providing financial assistance tailored to the unique needs of commercial storefronts, service providers, and retail operations.
Entrepreneur Loan/Grant Program
Supporting and encouraging growth means recognizing the importance of businesses at every stage and size. The Entrepreneur Loan/Grant Program is designed to specifically assist entrepreneurs and startup businesses as they work to establish and expand their operations. This program provides crucial financial resources in the form of low-interest loans and grants, helping new business owners overcome common challenges such as securing initial funding, purchasing equipment, or expanding their market reach.
AIF Guidelines
The AIF is currently accepting applications for the loan programs outlined above. The general guidelines for the fund include:
- Eligible industry sectors for application should primarily focus on energy, manufacturing, information technology, or scientific research. Companies within these sectors are considered essential to the long-term development and align with the AIF’s mission to support high-impact industries that create quality jobs and promote sustainable advancement in Angola.
- Applications to the AIF are evaluated based on a comprehensive set of criteria designed to ensure the viability and long-term impact of the proposed project. Evaluation criteria include strength of the business plan, historic performance, industry sector, resumes of principals, job creation, average salaries and wages, and capital investment.
- Funding requests through the AIF should typically range from a minimum of $5,000 to a maximum of $50,000. These investments are intended to support a wide variety of business needs, including expansion, equipment purchases, or operational improvements. Investments of up to $100,000 may be considered for high-skill, high-wage projects.
- The AIF will provide funding for no more than 50% of the total cost of any eligible project. This matching requirement is designed to ensure that applicants demonstrate a strong commitment to their project by investing their own resources or securing additional funding from other sources.
