VALPARAISO — The Regional Development Company (RDC) has recently signed a contract with the Economic Development Corporation of Michigan City to serve as the administrator of the Michigan City Revolving Loan Fund.
Created by the Michigan City Common Council in 2010, the fund has not been utilized as it has not had a professional firm to administer the program. Under the new agreement, potential borrowers can contact the RDC directly for a loan request, which the RDC will underwrite and present to the fund’s appointed Loan Committee. Upon approval, the RDC will manage the closing process. The funds will remain held by the city of Michigan City, and will not be incorporated into the RDC’s existing loan portfolio.
Mayor Ron Meer stated, “Entrepreneurship has always been one of my top priorities for Michigan City and this partnership will give our residents an opportunity to be a part of the economic growth currently happening. It is truly an exciting time to be in Michigan City.”
