Michigan City Economic Development Revolving Loan Fund

Eligibility

  • Business must be located in Michigan City or within a ½ mile of the city limits
  • Business must be for-profit
  • Business applicant must demonstrate a need for financial assistance
  • Business must identify additional sources of private funding, if applicable
  • Business targets are manufacturing, information technology and service industries

Proceeds

  • Proceeds may be used for:
    • New investments in capital assets and operating capital:
      • Purchase of machinery and equipment.
      • Purchase of buildings and land for prospect operations.
      • Construction, repair, and renovations of buildings.
      • Operating capital including inventory and work in progress.
      • Quantifiable employee training when state and federal grants have been investigated and exhausted.

Terms and Conditions

  • Minimum loan amount $10,000 - Maximum loan amount $260,000
  • Terms not to exceed 3 years for working capital, 10 years for fixed assets and 15 years for real estate
  • Interest rate to be ¾ Prime as determined by the Wall Street Journal, fixed at closing
  • Preference given to businesses that create one (1) job for every $65,000 borrowed.
  • Loans will be secured with sufficient collateral and personal guarantees from owners

Goals of the Michigan City Economic Development Revolving Loan Fund

  • To further economic development in Michigan City
  • To promote, preserve and enhance economic stability and efficiency for industrial and commercial developmentsTo stimulate business opportunity and development as measured by increased employment, local tax base, economic diversity or decreased out-migration

Administered by the RDC, in partnership with the Economic Development Corporation Michigan City.
All forms available for download here. Complete RLF Guidelines
For more information, please call Niccole, 219.476.0504 x227 or Niccole@rdc504.org

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What We Do

The Regional Development Company (RDC) is a Certified Development Company, licensed by the U.S. Small Business Administration.  We serve northern Indiana businesses seeking funding to help grow their company.

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November 2012 - Regional Development Company Presents Awards, Welcomes New Board Members.

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1757 Thornapple Circle
Valparaiso, Indiana 46385 (map)

phone: 219.476.0504
fax: 219.476.4141