Darryl Ellis, Sr. has been a local leader in the funeral business for over 29 years. For the last 20, his business, Ellis Mortuary, Inc. has been located near East 16th Street in the Martindale-Brightwood neighborhood. Darryl found a new location in the Devington neighborhood that would allow his business to modernize and expand, offering greater visibility, newer construction, and space for two parlors.
Darryl tried unsuccessfully to secure traditional financing, so he reached out to the Indiana Small Business Development Center for help. The ISBDC helped him prepare financial statements, a business plan, and proformas to support an application for financing. ISBDC also connected Darryl to Build Fund to assist with an acquisition loan for the purchase of the new location. Build Fund was able to provide a combination of grant and loan funds as part of the real estate assistance for black-owned businesses with financial support from the Local Initiatives Support Corporation (LISC) and Cummins through their Cummins Advocating for Racial Equity (CARE) initiative. Ellis Mortuary is the first black-owned business to receive funds from this initiative.
Build Fund, a certified Community Development Financial Institution (CDFI), is a loan fund operated by Intend Indiana that connects small businesses to flexible, affordable, and responsible funding.