The Board of
Directors of the Northwest Indiana Regional Development Authority on
Thursday authorized the use of $3.3 million from the RDA’s No-Interest
Securitized Forgivable Loan Fund to support job creation efforts in
The funds will be
used to support two projects, one in Lake County and one in Porter County,
which combined would result in approximately $33 million in investment and
the creation of up to 285 jobs. Further details remain confidential pending
completion of the deals. No RDA funds will be issued if the projects do not
come to fruition.
“We are working
closely with local and state officials on these and other efforts to create
jobs and grow the economy in Northwest Indiana,” said Bill Hanna, RDA
President and CEO.
Since 2011, the RDA
has used the No-Interest Securitized Forgivable Loan Fund six times to help
the Indiana Economic Development Corporation secure approximately 854 jobs
and $474 million in investment in the region.
If these two
projects are realized, those numbers would rise to 1,139 jobs and more than
$507 million in investment.