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LaPorte County Revolving Loan Fund
A Partnership Between Government, Lending Institutions, Chambers of Commerce and YOU!
RLF Guidelines
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To further the economic development of
LaPorte County
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To promote, preserve, and enhance economic
stability and efficiency for industrial and commercial developments
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To stimulate business opportunity and
development as measured by increased employment, local tax base, economic
diversity, and decreased out-migration
Objectives
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Develop job opportunities in private business
with emphasis on jobs for the unemployed and underemployed
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Expand the county's tax base through business
retention, expansion, and attraction
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Leverage private and public funds
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Encourage the banking industry to make
capital available for business growth
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Utilize federal, state, and local programs in
loan packages
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Work with local chambers of commerce and
development organizations in project development
Eligibility
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For-profit businesses located in LaPorte County
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The business applicant must demonstrate: 1) A need for
financial assistance and 2) Creation or retention of employment
opportunities in LaPorte County
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Business must identify source(s) of private financing
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At least one (1) job must be created or retained for each
$5,000 in RLF dollars
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RLF dollars may not exceed more than one-third of the total
financing needs
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At least 10% equity is generally required
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Job priority should be given to the unemployed and
underemployed
Uses of the RLF dollars
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Priority is given to fixed asset financing (land, building,
equipment); however, working capital can also be financed
Terms and Conditions
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Loans can range from $5,000 to $75,000 (maximum)
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Fixed asset financing shall not exceed 5 years and real
estate loans shall not exceed 10 years
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Working capital loans are financed on a short-term basis not
exceeding 5 years
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Interest rates will be 3/4 of Prime as determined by Wall
Street sources
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All loans must be secured with sufficient collateral and
personal guarantees from the borrowers
For Further Information Contact :
Michigan
City Economic Development Corporation
100
East Michigan Blvd.
Michigan
City, IN 46360
219-873-1211
Greater
LaPorte Chamber of Commerce
414
Lincolnway
LaPorte,
IN 46350
219-362-3178
Northwestern
Indiana Regional Planning Commission
6100
Southport Rd.
Portage,
IN 46368
219-763-6060
800-709-6060
219-762-1653
(FAX)
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