More than $500,000 in federal assistance is available to Northwest Indiana businesses in the form of loans to help them recover from the coronavirus pandemic.
The Recover NWI loans are administered by the Northwest Indiana Regional Planning Commission, which manages the federally designated economic development district that includes Lake, Porter and LaPorte counties.
The money was made available by the federal CARES Act pandemic relief legislation. Businesses and organizations can apply for loans of $10,000 to $100,000 to be made from the Region’s total of nearly $583,000.
Recover NWI loans are intended to aid businesses and organizations that suffered economic injury resulting from the coronavirus pandemic. The loans can be used as working capital and for job retention, marketing, staffing and other functions. Construction projects are not eligible.
"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, in announcing the program. "It is our anticipation that this new loan program can help accelerate this return to normal for our region's businesses."
To be eligible, a business or organization must have been impacted by the pandemic and been in operation before Jan. 1, 2020. Loans will be repayable at a rate of 2.5% until July, 2022.
For more information and to apply for a loan, visit www.nirpc.org/recovernwi.