Whitley County EDC awarded USDA funding to establish loan program
Whitley County EDC awarded USDA funding to establish loan program
COLUMBIA CITY, Ind. (August 26, 2011) – The Whitley County EDC and USDA Rural Development announced today that the EDC is the recipient of a $74,250 USDA Rural Development Business Enterprise Grant (RBEG), which will be used to establish a Revolving Loan Program (RLF) available to clients of the EDC’s Small Business & Entrepreneurship Initiative (SBEI).
“This announcement is a significant milestone in our efforts to expand the EDC’s Small Business & Entrepreneurship Initiative,” said EDC president Alan Tio, “In addition to delivering customized business coaching and mentoring, and helping clients meet their space needs, we can now provide access to a source of financial capital.”
SBEI provides resources for pre-startup, startup and growing businesses in Whitley County by combining the Kauffman Institute’s FastTrac New Ventures business planning course with personal business coaching provided by seasoned and experienced business owner. SBEI is led by aerospace and defense industry veteran, Bruce Stach; FastTrac facilitator and owner of Sallot Ventures, Sharon Sallot; and Small Business Development Center (SBDC) business advisor Scot Goskowicz.
“On behalf of our SBEI team, we are very pleased that RLF funds will be available to our clients,” said SBEI Program Manager Bruce Stach, “SBEI has now worked with more than 30 small businesses and entrepreneurs, many of which have needs for the type of financial capital that the RLF will be able to provide.”
Today’s announcement follows the recent expansion of the EDC’s Small Business & Entrepreneurship Initiative (SBEI) to include SBEI GreenLight, a program focused on rapid response business coaching and mentoring for local entrepreneurs. SBEI Greenlight is supported by the EDC and the Whitley County Community Foundation, which awarded $10,000 to support the 12-month startup of the program.
The EDC anticipates making RLF program funding available within the next 30 days. For more information on the EDC’s Small Business & Entrepreneurship Initiative, please contact program manager Bruce Stach (bstach@whitleyedc.com; 260-244-5506)
(pictured left to right: September McConnell, Phil Lemkuhler, Alan Tio & Allison McSherry)
About Whitley County EDC
The Whitley County Economic Development Corporation (EDC) is the lead economic development agency in Whitley County, Indiana. The EDC works closely with local, regional, and state partners to support our industry clients' growth and success. Our mission is to implement a unified economic development effort and to expand employment and business opportunities for the benefit of the people of Whitley County by developing and maintaining cooperation of all individuals, groups, and organizations within the county. The Whitley County EDC was established in 1992 and represents Whitley County, Columbia City, and the Towns of Churubusco, Larwill, and South Whitley. For more information about the EDC, visit www.whitleyedc.com.
About USDA-Rural Development
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of nearly $149 billion in loans and loan guarantees. For more information about USDA Rural Development, please visit: www.rurdev.usda.gov/in/.
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Media Contacts:
Alan Tio (Whitley County EDC) – 260.244.5506