Mayor Josh Huddlestun has been committed to investing in Hobart's downtown. A new initiative will help make it easier to do just that.

A new load fund called Business Upgrades & Investment for Local Downtown will offer businesses and organizations opportunities to invest in the downtown area.

“Downtown Hobart continues to play a vital role in our community's identity and economy,” said Mayor Josh Huddlestun in a press release. “This program creates additional opportunities for business owners to invest in their properties, expand operations and contribute to the continued growth of our downtown district.”

The revolving load program can be used to acquire, construct or improve owner-occupied commercial real estate, or buy and install commercial equipment, furniture and other equipment. Loans start at $25,000.

The City of Hobart is partnering with the Northwest Indiana Regional Growth Fund, which is available to Northwest Indiana organizations. The fund was created to spark economic and community development and create jobs.

“We are proud to partner with the City of Hobart to launch the BUILD loan fund,” said Erica Dombey, CEO of the Northwest Indiana Regional Growth Fund. “Access to capital remains one of the biggest challenges facing businesses, and this program helps address that need by providing financing opportunities for businesses located within Hobart's downtown corridors. The city's investment in this program demonstrates a strong commitment to supporting local businesses and encouraging continued economic development.”

Businesses and nonprofits interested in the BUILD Loan Fund should attend an informational session from 9 to 11 a.m. Nov. 13 at the Festival Park Community Center, 111 E. Old Ridge Road.

About 30,000 people live in the City of Hobart.