Loan funds can be used for
- working capital
- fixed assets
- marketing
- inventory
- staffing
- job retention
- building purchase
- land purchase
- other eligible expenses
Construction and renovation costs are not eligible for this program.
Eligibility Requirements
In order to qualify for a Recover NWI loan, both criteria must be met. You do not need to have been refused a loan from a bank in order to qualify for the Recover NWI loan program.
- Was your business/organization in operation before January 1, 2020?
and - Can your business /organization demonstrate and explain in writing that it has been negatively impacted by the coronavirus pandemic?
A “no” answer to either question 1 or 2 disqualifies you from seeking assistance from the Recover NWI loan program.
Recover NWI Loans
- Minimum loan $10,000
- Maximum loan $100,000
- Variable interest rate with potential minimum of 2.5% until disbursement in July 2022.
- $450 initial application fee, $550 due at closing
NIRPC is the Economic Development District (EDD) administrator for Lake, Porter, and La Porte counties. The EDD is a federal designation through the U.S. Economic Development Administration.
Assistance Available
Indiana Small Business Development Center
Businesses less than three years old are strongly recommended to seek assistance from the Northwest Indiana Small Business Development Center (ISBDC) in order to update their business plans. In addition all applicants are encouraged to seek guidance from the Northwest ISBDC if help is needed in completing the SBA Form 413 (Personal Financial Statement). An ISBDC advisor can assist virtually, by phone, or in-person by appointment. Contact Northwest ISBDC at (219) 644-3513 or email northwest@isbdc.org.
Management Plan for Regional Revolving Loan Fund (Recover NWI Loans)
This Management Plan explains the loan program in more detail and should be read by applicants prior to submission of any application materials. Submission of any application material is indication that the applicant agrees to abide by the requirements of the Management Plan.
Regional Revolving Loan Fund Management Plan for Lake, Porter, and La Porte Counties
Required Documents
- Completed application form
- $450 check payable to NIRPC (nonrefundable application fee)
- Balance sheet of business/organization
- Profit & Loss statement of business/organization
- Current balance sheet (no more than 90 days old)
- Current operating statement (no more than 90 days old)
- Projected operating statement (expenses & revenues) statement for 2 years
- Pro Forma balance sheet for 2 years
- Copies of applicants’ income tax statements for 3 years prior
- Copies of applicants’ business/organization tax return filings for 3 years prior
- Business plan
- Project description
- Business/organization description
- Completed SBA Form 413: Personal Financial Statement
- Credit report authorization form
- Certification and authorization form
- Resumes for all applicants involved in the loan
All Forms Required for Applications
Applicants are required to contact NIRPC before submitting any application materials.
Contact
Please contact:
Denarie Kane, Economic Development District Coordinator
dkane@nirpc.org
(219) 985-3368
Applicants are required to contact NIRPC before submitting any application materials.
The regulations governing EDA’s Revolving Loan Fund program can be found at this link.
NO BUSINESS GRANTS AVAILABLE – Despite information on a website about free grants in Indiana for minority and women owned businesses, NIRPC does not offer any such business grants and never has. The website has been notified to correct their information.
