Northwest Indiana businesses impacted by the economic downturn during the pandemic have access to federal loan funds through the Recover NWI revolving loan program. Administrators for businesses and organizations located in Lake, La Porte, or Porter counties can apply for loans of $10,000 to $100,000 through Recover NWI. The program is administered through NIRPC, the Northwestern Indiana Regional Planning Commission. Applications are found at www.nirpc.org/recovernwi.
NIRPC is highlighting Recover NWI as part of the US Economic Development Administration's “Revolving Loan Fund Week,” which runs November 14-19, 2021.
Recover NWI loan program was launched in July, 2021, through the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, and brings over $400,000 in total funding available to Northwest Indiana. Businesses and organizations of all sizes can use funds to prevent, prepare for, and respond to the economic injury resulting from the coronavirus pandemic. The loans will provide flexibility for businesses for working capital, job retention, marketing, staffing, and other functions. Construction projects are not eligible.
Positive economic outcomes for the region are job creation and retention, reduced barriers to private investment, increased regional collaboration, and enhanced regional capacity, including historically excluded and underserved populations and regions.
“An October, 2021, the U.S. Census Bureau found 42 percent of their surveyed small businesses in the Chicago-Northwest Indiana metropolitan area did not expect business to return to normal levels for at least another six months and an additional 11 percent do not expect to ever return to normal. The Recover NWI program will be a lifeline for local businesses. Relieving the pressure on businesses in Northwest Indiana is a critical piece to a strong regional recovery,” said Matthew Paskash, economic development specialist at NIRPC.
Recover NWI revolving loan program is administered through NIRPC as part of the Northwest Indiana Economic Development District (EDD). The Economic Development District for Northwest Indiana allows a collaborative economic strategy for Lake, La Porte, and Porter counties. The federal designation, granted through the US EDA, opens availability to federal funds and resources to the three-county region. The EDD was granted to NIRPC in 2019 and first funded in 2020. NIRPC is the designated federal administrator and the central authority for these federal funds.
NIRPC is the Metropolitan Planning Organization and Council of Governments for Lake, Porter, and La Porte counties in Northwest Indiana. Working collaboratively across the region, NIRPC coordinates regional comprehensive planning and programming for transportation, economic development, and environmental policy.