The Regional Development Company (RDC), headquartered in Valparaiso, Ind., announced their 2022 year-end accomplishments and lender awards at their Annual Membership Meeting. The Regional Development Company is a non-profit organization and Certified Development Company (CDC) that administers the U.S. Small Business Administration’s 504 Loan Program for small business growth.
The Regional Development Company had 40 loans approved by the U.S. Small Business Administration, which brought a total of $29 million in U.S. Small Business Administration funding to local companies. Of those loans, five were to women owned businesses, two were to minority-owned businesses and nine were to rural businesses.
The Regional Development Company partners with local banking institutions to provide business financing for large capital projects. The Regional Development Company funded 28 loans in 2022, helping bring $36 million of capital investment into communities and were a catalyst in the creation of 124 jobs in the states of Indiana and Illinois.
Awards were given at the event to the top referring lenders to the Regional Development Company. Centier Bank was awarded the Bank of the Year Award with twelve loans and $5,989,000 in referral dollars. The 2022 Lender of the Year awards were presented to Greg Gottschalk of Centier Bank who referred $1,804,000 in SBA loan dollars and to Amy Kezy and Lydia Post, also of Centier Bank, for referring four loans each to the RDC in 2022. Lenders inducted into the Millionaires Club, an exclusive group of lenders who have referred loans of $1 million or more, included Amy Kezy (Centier Bank), Dan Duncan (Peoples Bank), Keith Leathers (Home State Bank), Bill Winterhaler (Centier Bank), Lydia Post (Centier Bank), Tim Warner (Centier Bank), Dan Shelby (Peoples Bank), Kathy Ireland (Horizon Bank) and Sam Boufis (Wintrust Bank).
“Ninety percent financing allows our customers to retain more of their funds for working capital needs, and the long-term fixed interest rate mitigates the risk of increasing payments during the life of the loan,” said Erica Dombey, President and Executive Director of the Regional Development Company. “Banks benefit from the collateral structure, which allows them to maintain a 50% loan-to-value on the project real estate or equipment. With a 25-year fixed interest rate lower than bank rates, this is the best loan for any business owner looking to buy, build or refinance owner-occupied commercial real estate.”
Board Elections
Pictured are (L-R), Rene Martin, Eric Evans, Lori Tubbs, Monica Johnson, and Megan Applegate.The Board of Directors elected the 2023 slate of officers, which included, Matt Saltanovitz, Indiana Economic Development Corporation, as Chair; Steve Kring, Horizon Bank, as Vice Chair; Rex Richards, Valparaiso Economic Development Corporation, as Secretary; Mike Riehle, LaPorte Economic Advancement Partnership, as Treasurer; and Mike Schneider, Wintrust Bank, as Past Chair.
“I am proud of the work that the Regional Development Company is doing in Northwest Indiana and beyond,” said Michael Schneider, Board Chair. “We are very fortunate to have such a well-run, tenured Certified Development Company to help our businesses grow, as well as to provide guidance and support throughout the pandemic. Our annual meeting gives a moment to provide some well-deserved recognition to Erica and the RDC team, as well as the many volunteers and business partners that help make the RDC go. The RDC and SBA 504 loan program are positioned to be a real catalyst for growth in the Northwest Indiana economy.”
The Membership of the Regional Development Company elected five new members to the Board of Directors; two accountants, Megan Applegate from Applegate & Company and Monica Johnson from CliftonLarsonAllen; two commercial lenders, Rene Martin from First Merchants Bank and Eric Evans from First Financial Bank; and one commercial real estate broker, Lori Tubbs from McColly Bennett Commercial Advantage. “These are all great additions to the RDC Board,” commented Erica Dombey, President and Executive Director of the Regional Development Company. “Both Eric and Rene have served on our Loan Committee for several years and are very familiar with the SBA 504 Loan Program. Lori has also served on our Loan Committee and is one of our top referring commercial real estate brokers. Megan and Monica round out the Board nicely, as Megan’s experience is with small business owners and Monica brings corporate audit experience to our Board room table. I couldn’t be more excited about this year’s slate of nominees.”
Also elected at the meeting were new Loan Committee members Tim Spoelman of Centier Bank, Tami Pae of First Merchants Bank and Jesse Hunt of Notre Dame Federal Credit Union. “We’re happy to add a diverse array of lenders to our committee this year, who bring decades of combined commercial lending experience,” said Erica Dombey.
