The Fort Wayne City Council approved the creation of a revolving fund to help small businesses get off the ground.
The resolution passed Tuesday night allows Brightpoint to use money from the Legacy Fund for loans to help seed startups within the community.
The Fort Wayne Legacy Fund is designated for city projects that will have a lasting impact on the community. In the past it has been used to fund new downtown buildings and expanding parks.
The council committed to use $2.5 million in Legacy Fund money, which according to documents, accounts for a small portion of the interest pulled in by the entirety of the Fund.
The money will come to Brightpoint in $500,000 increments for the next five years, according to documents.
During the meeting, Councilman Geoff Paddock said the loans could make all the difference for those starting and sustaining small business ventures.
The programs will be targeted to, but not limited to, entrepreneurs on the city’s southeast side.
