Michigan City Economic Development Revolving Loan Fund

Helping Michigan City Grow

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 developments
• To stimulate business opportunity and development as measured by increased employment, local tax base, economic diversity or decreased out-migration

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. To apply view our application checklist:

APPLICATION CHECKLIST HERE

Complete RLF Guidelines

For more information, please call Niccole, 219.476.0504 x227 or Niccole@rdc504.org