Local Experts Helping Small Businesses Secure Federal Funds

Local Experts Helping Small Businesses Secure Federal Funds

Hoosier companies across the state have joined the fight against COVID-19 in many unique ways, including leveraging their knowledge to build pathways toward economic stability and recovery. In Valparaiso, the Regional Development Company (RDC) has been using decades of experience with Small Business Administration (SBA) loan programs and relationships with numerous local lenders to help small businesses navigate newly-implemented programs that can help them stay solvent during this crisis.

“The SBA has several new financing offerings that Hoosier business owners can benefit from but navigating the application process can be complex. We’re proud to support companies however we can – we understand the system, we know the lenders, and we’re here to help more companies pay their employees and keep their operations running,” said Erica Dombey, president and executive director of the RDC.

Many new federal funding options are available for small firms affected by the pandemic, including the re-amortizing of commercial real estate debt with no payments for the first six months, fixed rates as low as 3.034% for debt refinanced loans, and cash out options for eligible business expenses like accounts payable, business credit cards, lines of credit, and working capital.

The RDC has also been helping small businesses navigate SBA guidelines and determine which program is most appropriate through the Payroll Protection Program, which ran out of funding but resumed operations earlier this week, and the SBA Disaster Loan Program, which also received additional funding.

Small business owners that would like more information are encouraged to contact Niccole Zell, vice president of lending, at (219) 476-0504 x227 or niccole@rdc504.org.

Category Business Buzz