Loans arranged by the Regional Development Co. provided the spark to create 184 new jobs in Indiana and Illinois in 2021.
The Valparaiso-based organization, which administers the U.S. Small Business Administration’s 504 Loan Program in Indiana and the greater Chicago metropolitan area, had 44 loans approved by the SBA, which brought $22 million in government funding to its service area.
A total of 13 loans were to women-owned businesses, four were to minority-owned businesses and eight were to rural businesses. The RDC partners with local financial institutions to provide business financing for large capital projects.
The RDC funded 27 loans in 2021, which brought $36 million in capital investment to communities in its service area.
During the RDC’s recent annual meeting, area lenders were recognized for their efforts.
Peoples Bank was named Bank of the Year with 10 loans and $3,632,000 in referral dollars. The 2021 Lender of the Year awards were presented to Dan House of First Merchants Bank who referred $2,617,000 in SBA loan dollars and to Dan Duncan from Peoples Bank for referring four loans to the RDC in 2020.
Lenders inducted into the Millionaires Club, lenders who referred loans of $1 million or more, included Dan Magura (Peoples Bank), Paula Reeves (Purdue Federal Credit Union), Mark Oganovich (First Midwest Bank), Dan Duncan (Peoples Bank), Kathy Ruzicka (Grand Ridge National Bank) and Paul Orner (First Merchants Bank).
The board of directors also elected its officers for 2022. They are: Michael Schneider, First Financial Bank, chair; Matt Saltanovitz, Indiana Economic Development Corp., vice chair; Scott Casbon, First Merchants Bank, secretary; John Matthiesen, retired from CliftonLarsonAllen LLP, treasurer; and Rex Richards, Valparaiso Chamber of Commerce/Valparaiso Economic Development Corp., past chair.
The members of the RDC elected Africa Tarver from the city of Hammond to its board of directors. Lori Tubbs of McColly Bennett Commercial Advantage and Mark Oganovich of First Midwest Bank, were elected to the RDC’s loan committee.
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