The Northwestern Indiana Regional Planning Commission says northwest Indiana businesses impacted by the pandemic can now access federal loan funds. Businesses and organizations located in Lake, La Porte, or Porter counties can apply for loans of $10,000 to $100,000 through the Recover NWI program.
“It’s been a difficult time for small business,” said Ty Warner, NIRPC’s executive director. “The availability of the Recover NWI loans could be a lifeline for those businesses that the COVID-19 pandemic pushed to the edge of solvency. If we can support them, we help ensure the economic vibrancy of the entire region as Northwest Indiana recovers from effects of the past year.”
The NIRPC says loans are available to businesses and organizations of all sizes to prevent, prepare for, and respond to the economic injury resulting from the coronavirus pandemic. The loans are intended to provide flexibility for businesses for working capital, job retention, marketing, and staffing.
To be eligible, the NIRPC says a business or organization must have been impacted by the pandemic and been in operation before January 1, 2020.
“According to March US Census Bureau data, approximately 40% of small businesses believe more than six months will pass before they return to normal business operations,” said Denarie Kane, NIRPC’s economic development district coordinator. “It is our anticipation that this new loan program can help accelerate this return to normal for our region’s businesses.”
You can apply by clicking here.