Areas Served: Laporte County
The Michigan City Economic Development Corporation offers a revolving loan fund for businesses in LaPorte County, Indiana.
RLF Guidelines – To further the economic development of LaPorte County – To promote, preserve, and enhance economic stability and efficiency for industrial and commercial developments – To stimulate business opportunity and development as measured by increased employment, local tax base, economic diversity, and decreased out-migration Objectives – Develop job opportunities in private business with emphasis on jobs for the unemployed and underemployed – Expand the county’s tax base through business retention, expansion, and attraction – Leverage private and public funds – Encourage the banking industry to make capital available for business growth – Utilize federal, state, and local programs in loan packages – Work with local chambers of commerce and development organizations in project development Eligibility – For-profit businesses located in LaPorte County – The business applicant must demonstrate: 1) A need for financial assistance and 2) Creation or retention of employment opportunities in LaPorte County – Business must identify source(s) of private financing – At least one (1) job must be created or retained for each $5,000 in RLF dollars – RLF dollars may not exceed more than one-third of the total financing needs – At least 10% equity is generally required – Job priority should be given to the unemployed and underemployed Uses of the RLF dollars Priority is given to fixed asset financing (land, building, equipment); however, working capital can also be financed Terms and Conditions – Loans can range from $5,000 to $75,000 (maximum) – Fixed asset financing shall not exceed 5 years and real estate loans shall not exceed 10 years – Working capital loans are financed on a short-term basis not exceeding 5 years – Interest rates will be 3/4 of Prime as determined by Wall Street sources – All loans must be secured with sufficient collateral and personal guarantees from the borrowers
Contact InformationMichigan City Economic Development Corporation
Address: 100 East Michigan Blvd.
City: Michigan City
State: Indiana
Website:
http://www.mc-edc.com/financial-rlf.htm
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