The Regional Development Company (RDC), headquartered in Valparaiso, Ind., announced their 2023 board appointments, year-end accomplishments, and lender awards at their Annual Membership Meeting held on November 9, 2023. 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.
Year-End Accomplishments
The Regional Development Company had 12 loans approved by the U.S. Small Business Administration, which brought a total of $19 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, one was to a veteran-owned business and three 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 18 loans in 2023, helping bring $25 million of capital investment into communities and were a catalyst in the creation of 107 jobs in the states of Indiana and Illinois.
“The 504 loan program continues to be a great solution to provide long-term, fixed rate financing for major fixed assets. The RDC provides outstanding community-based support for these projects throughout the Region, and we are proud to have them as an SBA partner,” said Stacey Poynter, Indiana District Director for the U.S. Small Business Administration.
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 three loans and $3,195,000 in referral dollars. The 2023 Lender of the Year awards were presented to Tim Warner of Centier Bank who referred $1462,000 in SBA loan dollars and to Bill Gertner of Horizon Bank, for referring two loans each to the RDC in 2023. Lenders inducted into the Millionaires Club, an exclusive group of lenders who have referred loans of $1 million or more, included Dan Duncan and Ron Knestrict of Peoples Bank. A new award was also added to recognize those individuals in non-sales positions. Laura Holesapple of Centier Bank was the first recipient of the Support Person of the Year award.
“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
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.
“This year, the RDC continued to forge ahead with its mission of ‘Making Dreams Come True’ for entrepreneurs across the region,” said Matt Saltanovitz, Board Chairman. “When we support small businesses, we are supporting the lifeblood of our communities. Erica and the staff should be proud of the work the organization accomplished over the last 12 months, and we look forward to another successful year ahead.”
The Membership of the Regional Development Company elected three new members to the Board of Directors: Anthony Sindone, economics and business professor at Purdue University Northwest, Anne Taylor, Executive Director of Planning and Development for the City of Hammond, and Mark Oganovich, Senior Vice President of Business Development with Old National Bank. “These are all great additions to the RDC Board,” commented Erica Dombey, President and Executive Director of the Regional Development Company. “We are adding two fantastic people who work in north Lake County, Indiana. Tony brings deep wisdom regarding trends and forecasting as an economist, and Anne’s experience in economic development and community planning will be a true asset. We’re thrilled to add another lender from the Illinois market with Mark, he’s long been an advocate for, and partner with, the RDC.”
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.
Photo caption:
Centier Bank was awarded the Bank of the Year Award.
