Recover NWI Loan Program
The Recover NWI loan program has now transitioned to the revolving phase so is dependent upon the repayment of loan funds by the current borrowers. Consequently, new loan applications are NOT being accepted at the present time. Please call Denarie Kane, Economic Development District Coordinator, at (219) 985-3368 for further information about when this loan program will become available again. Thank you.
The Recover NWI Revolving Loan Fund is a program to assist local businesses and organizations in preventing, preparing for, and responding to the impact of the coronavirus and to economic injury as a result of the pandemic in Lake, Porter and La Porte counties. The fund has approximately $138,200 currently available for these loans. Note on the top of the flyer (see link below) the special application fee grant for businesses located only in unincorporated Porter County.
Loan funds can be used for
- working capital
- fixed assets
- job retention
- building purchase
- land purchase
- other eligible expenses
Construction and renovation costs are not eligible for this program.
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?
- 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.
Denarie Kane, Economic Development District Coordinator
Applicants are required to contact NIRPC before submitting any application materials.
Please see Required Documents, below, for links to the seven forms required to be submitted.
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.
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 email@example.com.
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.
- 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