The Economic Development Corp. Michigan City is partnering with Allies for Community Business to provide help for business owners.
The partnership will include loans, grants and business coaching.
“We provide the capital, coaching and connections that entrepreneurs need to grow great businesses that create jobs and wealth in their communities,” said Mary Fran Riley, director of community relations for Allies for Community Business, in a press release. “We offer loans between $500 and $100,000 to early, emerging and established businesses at fair prices.”
The nonprofit based in Chicago is a community development financial institution. It gives priority for its services to Hispanic and Latino, Black, women, and low-income entrepreneurs throughout Illinois and Indiana.
Clarence Hulse, executive director of the Michigan City Economic Development Corp., said potential clients are evaluated in a nontraditional way.
“Instead of being assessed by credit scores and the value of personal assets, they will be evaluated by their debt management and access to funds for their monthly loan payments,” Hulse said. “This will provide a greater opportunity for entrepreneurs to establish themselves in our community and provide positive economic impact both for themselves and for Michigan City.”
Entrepreneurs who want to start or grow a business also can receive free coaching.
In 2021, the organization disbursed $114.5 million in grants and served 12,385 clients, according to its 2021 annual report.
The EDCMC is a private nonprofit that focuses on building the business community.
