Areas Served: Lake county, Indiana
The primary function of the Lake County Revolving Loan Fund is to provide short term construction or (5-year M & E) financing to establish or expand eligible industrial or commercial businesses in Lake county, Indiana.
LOCATION The business development must be located within the legal boundaries of Lake County or one of the legal political subdivisions within the County.
ELIGIBLE USE OF FUNDS – Acquisition of building(s) – Acquisition of machinery/equipment – Acquisition of land only if a structure will be erected – Leasehold improvements – New building construction – Energy Conservation – Pollution control – On-site infrastructure INELIGIBLE USES OF FUNDS – Working capital – Rolling stock – Refinancing existing debt – Land banking – Mergers – Inventory LOAN AMOUNT – Maximum: $2,000,000 -Minimum: $100,000 LOAN TERMS Construction Loans – There must be a signed commitment, by a responsible financing source, for repayment of the entire loan when an occupancy permit is issued.
Capital Equipment – Maximum of 5 years.
LOAN COVERAGE Construction Loans – may be for up to 100%, or limit of repayment (takeout) financing, whichever is less.
Capital Equipment – may be for up to 100% depending on total financing for the overall project.
INTEREST RATES Fixed Rate – Minimum: 3% – Maximum: 2 1/2 points under current rates at local financial institutions.
Within these limits interest determined on a case by case basis.
SECURITY All loans will be secured by land, buildings, machinery, equipment and, if necessary, by other assets, personal guarantees, letters of credit, etc.
PARTICIPATION The Lake County Economic Development Commission will seek to obtain the maximum amount of project financing from private and public sources.
Loans are intended to fill a funding gap.
Our maximum is normally 20% of a total project.
It will provide the amount of assistance necessary and appropriate to make the project go forward.
PARTICIPATION/JOB GENERATION The goal of the Lake County Economic Development Commission is to have one (1) permanent full-time job created, or retained, for each $10,000 loaned.
Job creation must normally take place within 3 years of project completion.
In most cases, at least 51% of the new, or retained, jobs must be for low/moderate income persons.
These are determined on the basis of pay, required skill level or family income.
Contact InformationLake County, Indiana
Address: 2293 North Main Street
City: Crown Point
State: Indiana
Website:
http://www.lakecountyin.org/portal/media-type/html/group/economic-devl/page/default.psml
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