When the state called a $17.2 million loan due on August 2, 2025, Elevate paid $12.9 million and came up $4.3 million short. IEDC declared it in breach of every active loan and its senior vice president wrote that Elevate 'in its current state, will be unable to fulfill any of its current or future obligations.' Elevate offered to cover the gap with 21 Fund returns; IEDC refused.

The document

Document

WISH-TV, 'IEDC gives Elevate Ventures 30 days to resolve defaults,' August 18, 2025 (quoting the IEDC letter)

Dated

2025-08-18

Source

open the primary

Who read it

joe, article read 2026-09-08 and archived (primaries/elevate/wishtv-2025-08-18-elevate-defaults.html); the IEDC letter itself is not yet in hand. Indiana Capital Chronicle reported the same letter the same day. IEDC's audited statements (F12) carry the note at $15,023,131 principal with the same maturity and default-notice dates; the press figure is principal plus fourteen years of 1 percent interest.