The Regional Development Company (RDC) has recently signed a contract with Economic Development Corporation Michigan City (EDCMC) to extend their service as the administrator of the Michigan City Revolving Loan Fund for an additional three years.
Created by the Michigan City Common Council in 2010, the fund has been administered through the EDCMC and they have utilized the RDC to process the loans for the past three years. Under the agreement, potential borrowers can contact the RDC directly for a loan request, which the RDC will underwrite and present to the fund’s appointed Loan Committee. Upon approval, the RDC will manage the closing process. The funds will remain held by the city of Michigan City, and will not be incorporated into the RDC’s existing loan portfolio.
“Our partnership with the RDC over the last three years has been very successful and has helped make the loan process run smoothly for our clients,” said Clarence Hulse, Executive Director of the EDCMC, “We look forward to this extended partnership.” In the last three years, three businesses have taken advantage of Michigan City’s Revolving Loan Fund program which has allowed those businesses to expand in the community.
Erica Dombey, Executive Director of the RDC, said, “The Board of Directors at the RDC is very excited about continuing to be the administrator for Michigan City’s revolving loan fund. We feel that we are providing an additional service to small businesses in NWI and that administering this program furthers the economic development mission of the RDC.”
The Michigan City Revolving Loan Fund can provide loan opportunities of $25,000 to $260,000 to businesses located within Michigan City or within one half mile of the city limits. Loan proceeds can be used to purchase fixed assets, equipment, operating capital, inventory, and renovations to existing facilities.
Interested parties may contact Niccole Zell, Vice President of Lending with the Regional Development Company at 219-476-0504 or niccole@rdc504.org. Questions may also be directed to Clarence Hulse, Executive Director of the Economic Development Corporation of Michigan City at 219-873-1211 or chulse@edcmc.com.
Economic Development Corporation Michigan City, Indiana is committed to growing and attracting new industry and business to the community as well as strengthening existing business. EDCMC services, programs and one-on-one assistance clearly provides the optimum business environment — a place where commerce and industry can prosper and grow. EDCMC merges the right mix of resources, including: city government officials, utility engineers and the expertise of business leaders. Exclusive incentive packages and unique natural resources make Michigan City the place to build or expand. For more information, call (219) 873-1211 or visit www.edcmc.com.