Development Company Expands to IllinoisPosted: Updated:
An Indiana company focusing on funding small businesses is expanding into Illinois. The Regional Development Company in Valparaiso says it plans to have a presence in several Illinois counties after receiving approval from the Small Business Administration to do business in that state. It has been operating in seven Indiana counties. February 3, 2014
Valparaiso, IN – January 31, 2014 – The Regional Development Company (RDC), of Valparaiso, IN, is pleased to announce that the organization has recently received approval from the Small Business Administration to conduct business in Illinois. The RDC will be branching out to McHenry, Lake, DeKalb, Kane, Cook, DuPage, Kendall, Will and Grundy counties.
Up until this point, the RDC was certified only in the State of Indiana, with its primary service area in the seven Northwest Indiana counties through Tippecanoe County. Due to the location and the nature of Northwest Indiana being part of the greater Chicago metropolitan area, many businesses have locations in both Indiana and Illinois. The vast majority of the financial institutions, law firms and accountants have locations in both states as well. As banks, accountants, commercial real-estate brokers and attorneys are the RDC’s primary referral sources, the RDC sought the ability to service their client base, regardless of location.
“I would like to amplify the importance of the Regional Development Company’s expansion into Illinois and to highlight the importance of this decision for small business. The RDC recognizes the success and job creation we are witnessing from small business growth across state lines and they are taking a stand to accommodate this growth. I applaud the Regional Development Company for their insight and their dedication to protecting the growth of our small business community,” says Marianne Markowitz, SBA Regional Administrator.
“We're excited about our move into the Illinois market,” said Erica Dombey, President and Executive Director of the RDC. “Many of our current Indiana borrowers and referral sources already have locations across the state border, so this expansion will allow us to better serve those people. We don't see the lines dividing cities, counties and states. We see a Chicagoland region, working together to grow small business, fuel job creation and drive the economy. The RDC is thrilled to have the opportunity to be a bigger part of that solution.”
Linda Hough, RDC Chairperson, said, “We are very excited about our expansion into Illinois. The RDC recently celebrated 20 years of assisting small businesses in Indiana with financing needs. We are eager to bring our experience, knowledge and reputation for excellent service to assist the small business community of Illinois in achieving their business goals.”
Illinois lenders and financial organizations are also looking forward to the RDC crossing the border. First Community Financial Bank, an Illinois lender, has collaborated with the RDC on a previous Indiana-based 504 loan. Joe Strejc, Senior Vice President of First Community Financial, said, “First Community Bank has enjoyed a relationship with the RDC since February of 2012 when they helped an existing client expand their business while creating a structure that benefited all parties. Despite a continued slow economy and sometimes difficult lending environment, we are fortunate to have the opportunity to work with a professional, experienced, well-organized firm that not only does what they say they can do, but the execution of the service is first class.”
“While most institutions are unaware of the benefits of the Small Business Administration, the Regional Development Company has done a good job educating and communicating the program with First Community Bank,” Strejc said.
Caption for Photo: L-R Mike Schneider, RDC Board Member; Brian Hittinger, RDC Designated Attorney; Helen Pennington, RDC Board Treasurer; Bob Esquivel, SBA Illinois District Chief of Lender Relations; Erica Dombey, RDC President & Executive Director; Linda Hough, RDC Board Chair; Todd Dickard, RDC Board Member; Dewey Pearman, RDC Board Past Chair.
About the RDC:
The RDC supports small business lending through a strategic partnership with their certified lenders. The RDC offers low down payments, and extremely competitive rates. For more information on the Regional Development Company please visit www.rdc504.org or call 219-467-0504.