HOBART, Ind. – The City of Hobart is launching the BUILD loan fund (Business Upgrades & Investment for Local Downtown), a revolving loan program designed to support business growth, redevelopment, and economic vitality within Hobart's historic downtown district.
A public informational session geared toward downtown Hobart business owners and operators will be held Friday, Nov. 13, from 9 to 11 a.m. at the Festival Park Community Center, 111 E. Old Ridge Road. The session will provide additional details about the BUILD Loan Fund, including program requirements, the application process and an opportunity to ask questions. Additional information is available at https://www.rdc504.org/hobartbuild.
Eligible uses include the acquisition, construction, rehabilitation, or improvement of owner-occupied commercial real estate; the purchase and installation of commercial equipment; and investments in furniture, and fixtures. Financing may also support business expansion, relocation, and redevelopment projects for qualifying businesses in Hobart’s downtown.
“BUILD is intended to encourage private investment, support business retention and expansion, attract new enterprises, and assist projects that contribute to the long-term economic health of Downtown Hobart,” said Chief of Staff Kelly Clemens.
The initiative reflects Mayor Josh Huddlestun’s commitment to maintaining a healthy, stable downtown by expanding opportunities for local business investment.
“Downtown Hobart continues to play a vital role in our community's identity and economy,” said Mayor Josh Huddlestun. “This program creates additional opportunities for business owners to invest in their properties, expand operations, and contribute to the continued growth of our downtown district.”
The program is being offered through a partnership between the City of Hobart and the Northwest Indiana Regional Growth Fund, a community revolving loan fund serving the seven counties of Northwest Indiana.
“We are proud to partner with the City of Hobart to launch the BUILD loan fund,” said Erica Dombey, CEO of the Northwest Indiana Regional Growth Fund. “Access to capital remains one of the biggest challenges facing businesses, and this program helps address that need by providing financing opportunities for businesses located within Hobart's downtown corridors. The City's investment in this program demonstrates a strong commitment to supporting local businesses and encouraging continued economic development.”
The fund will provide financing to eligible for-profit and nonprofit organizations seeking to invest in commercial properties, equipment, and other business improvements within the downtown area. Loans are available for businesses starting at $25,000.
-30-
About the City of Hobart
The City of Hobart is a community of approximately 30,000 residents located in Lake County, Indiana. Positioned at the crossroads of major transportation corridors and home to a historic downtown, Lake George, an extensive trail network, and a strong industrial base, Hobart serves as a regional destination for business, recreation, and community life. The City is committed to providing high-quality public services, supporting economic opportunity, investing in infrastructure, and enhancing quality of life for residents, businesses, and visitors. For more information, visit cityofhobart.org.
About the Northwest Indiana Regional Growth Fund
The Northwest Indiana Regional Growth Fund is a community revolving loan fund serving the seven counties of Northwest Indiana: Lake, Porter, LaPorte, Pulaski, Starke, Newton, and Jasper. With support from local funders, investors, bank partners, and state and federal resources, our mission is to lend to underserved and rural communities, create economic impact, and drive job creation.