Continuously serving Kosciusko County since 1854
A low-interest revolving loan fund will be established by Kosciusko Development Inc. this spring, thanks to a $90,400 grant award from the Indiana Rural Development Administration, KDI executive board members heard Wednesday.
Economic development director Kim Nance said while KDI did not receive the requested $200,000, the $90,400 amount was one of the highest monetary awards. The agency received 125 proposals requesting more than $17 million for $4.5 million in available funds.
President Joy McCarthy-Sessing said she wasn't sure the program would be available next year because the state is developing a Department of Agriculture. The Indiana Rural Development Council is currently part of the Indiana Department of Commerce.
The program will be administered by a local bank and qualified businesses may use the money for new facilities, expansion or to purchase equipment. An application, guidelines and terms still have to be developed.
Sessing advised the board the IDOC will be called the Indiana Economic Development Corp. and will become a quasi-governmental organization. The 12 regional offices will be reduced to five, with Kosciusko County looking to the office in South Bend.
New board members were approved: Jo Paczkowski, operations manager for Bodkin Abstract Co., and Todd Lybarager of Community First Bank. Bob Sanders also of Bodkin is now the county council representative.
The board also:
• Heard Small Business Development Center counselor Jim Gregar saw 63 new clients in 2004 and talked with a total of 150 individuals.
• Heard 50 companies, including a dozen new contributors, have paid KDI for its services.
• Heard from Nance that more than 100 inquiries about county property were answered in 2004.
• Heard from Sessing that Elkhart County recently completed a "vision plan" for a countywide economic development office.
The next KDI meeting is Feb. 24 at noon in the Warsaw/Kosciusko County Chamber of Commerce meeting room.
