The CDC facilitates four (4) loan programs to small new and existing businesses located in the Northeast Indiana market. Our primary mission is the promotion of job creation and betterment of the communities in which we operate. (Please see individual program specifics below). Please note that the CDC does not administer any grant programs, please visit www.grants.gov to determine your eligibility.
All loan programs have the following criteria:
- Business must have applied for financing through a bank prior to making an application with the CDC
- Personal guarantees will be required of all persons owning 20% or more of each business entity
- Jobs creation criteria must be met within 2-5 years of receiving funding (depending on the loan program)
- Loan proceeds must be used for business purposes only
- Loan proceeds may not be used to refinance existing debt
- Fees- $50 at time of application, commitment fee of 1% of loan amount at time of approval and any closing costs to outside parties
- Contact our office for detailed guidelines of each loan program and what program will best suit your needs.
INDUSTRIAL DEVELOPMENT REVOLVING LOAN FUND (TITLE IX)
This program is available to manufacturers and wholesalers throughout Allen County.
- Loans may be used for land, building, machinery and equipment and working capitial
- Maximum loan amount of $300,000 of which, up to $100,000 may be used for working capital. CDC may lend up to $50,000 without a bank match
- CDC finances 45% of project, bank finances 45% of project and borrower injects 10%
- Proceeds may not be used to relocate a business from one labor area to another
This program provides financing for businesses located in the city limits of Fort Wayne.
- Loans can be used for any sound business purpose that will result in increased job opportunities for low and moderate income people
- Maximum loan $30,000 without private match; $100,000 with private match
- Below-market interest rates, fixed for term of loan
- Facade - maximum loan 80% of project cost, up to $80,000; loans may be used for exterior building improvements & interior code violations, must be located in program boundaries
ENTERPRISE ZONE LOAN PROGRAM
This program provides low-interest financing for businesses expanding in the Fort Wayne Urban Enterprise Zone.
- Loans can be used for any sound business purpose for borrower located in Enterprise Zone (see map)
- Companies with over 50% revenue from alcohol sales are ineligible
- Maximum loan amount is 90% of project cost, up to $50,000
RURAL DEVELOPMENT REVOLVING LOAN FUND (UDSA)
This program is to provide an incentive for business expansion, job creation, and private investment in Dekalb, Huntington, Lagrange, Noble, Steuben, Wells and Whitley counties along with rural areas outside of Fort Wayne and New Haven in Allen County Indiana.
- Loans may be used for land and building, renovations, equipment, inventory and working capital
- Maximum loan $15,000 without private match; $20,000 with private match
- Agricultural purposes not allowed
Community Development Corporation of Northeast Indiana
One East Main Street, Room 840 | Fort Wayne IN 46802 |
(260) 427-1127