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Community Networks has become the first Flagship Microloan Program borrower

Anderson, IN (August 18, 2010) – The Flagship Enterprise Center (FEC) announced today that Community Networks has become the first Flagship Microloan Program borrower.  The microloan will allow Community Networks, a professional marketing and design company located in the Flagship Enterprise Center, to increase their staff and expand their sales efforts.

The FEC was recently approved as a Small Business Administration Microloan Intermediary, which allows the Flagship to provide small businesses with loans ranging from $5,000 to $35,000.  Executive Director of the FEC, DeWayne Landwehr, said, “We are delighted to have Community Networks as our first official Microloan borrower.  Their business has seen consistent growth over the past year, but their growth had created a cash flow issue that this loan addresses.  They have a great business plan that they have been marching to, and we believe this microloan will give them what they need to continue to expand and succeed.  In fact, as they keep working with their business plan, this loan facilitates their transition from growth-restricted and cash poor to faster growth and positive cash flow.  It is exactly the kind of situation we are happy to work with.”

In May of 2009, Community Networks expanded from the Anderson Business Incubator to the FEC and now just over one year later they have moved again into a larger office at the FEC.  Tammy Rimer, President of Community Networks, said, “Our growth is so exciting!  This microloan will allow us to hire two new sales team members, and expand our sales efforts to a larger geographic region.”  Todd Rimer, Director of Business Development at Community Networks, said, “In the past I have been the only dedicated sales person.  I am thrilled that we will now be able to reach more of our target customers, and have the time to develop even stronger relationships with our clients.

The Flagship Microloan Program intends to encourage the growth of small businesses through the extension of credit and provision of business development services.  The SBA has approved the FEC’s microloan program for a ten county region, with a population of approximately 1.68 million.  According to the SBA, the microloan portfolio can grow up to a maximum of $3.5 million.  Although the FEC Microloan Program is starting on a small scale, FEC Microloan Program Manager, Adam Hoeksema says, “In the future, our microloan program has the potential to help hundreds of small businesses in Anderson, Madison County, and the entire region.  I am excited to watch as Community Networks leverages this microloan to grow their business in big ways.”

Created through a partnership between Anderson University and the City of Anderson, the Flagship Enterprise Center (FEC) serves as a new business incubator and growth stage business accelerator. Through its client-specific Client Support Program, the FEC helps emerging companies become independently viable. Located at I-69 and Martin Luther King Blvd. (exit 22) in Anderson, the FEC provides ongoing contact with management consultants, university researchers, student mentoring programs and access to capital. The FEC and its partners seek to encourage and nurture the entrepreneurial spirit within the community. The Flagship Enterprise Center is both an educational and technological incubator helping businesses develop and transition their technologies into real world applications and products in global markets. The FEC is one of the largest such centers in Indiana.

The Flagship Microloan Program is currently seeking new loan applicants.  Please contact Adam Hoeksema at adam@flagshipenterprise.org or by telephone at (765) 622-7960 if you have any questions about the Microloan Program.