Northwest Indiana businesses experiencing hardship or still recovering from the impact of the pandemic can still access federal loans through Recover NWI.
The program, managed by Northwestern Indiana Regional Planning Commission, is available to businesses and organizations in Lake, La Porte, or Porter counties. Loans are available for between $10,000 to $100,000.
Recover NWI launched in July through the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, and brought $400,000 in funds to the Region. Loans can be used for working capital, job retention, marketing, staffing, and other functions.
Construction projects are not eligible.
“(In) October, the U.S. Census Bureau found 42% of their surveyed small businesses in the Chicago-Northwest Indiana metropolitan area did not expect business to return to normal levels for at least another six months and an additional 11% do not expect to ever return to normal,” said Matthew Paskash, economic development specialist at NIRPC. “The Recover NWI program will be a lifeline for local businesses, relieving the pressure on businesses in Northwest Indiana is a critical piece to a strong regional recovery.”
Eligibility includes:
- A business or organization must have been impacted by the pandemic and operating before Jan. 1, 2020.
- Applicants must demonstrate and explain in writing that it has been negatively impacted by the coronavirus pandemic.
Additional information on the program is available on NIRPC’s website.
