Approval has been given to the Pulaski County Community Development Commission (CDC) to contract with Valparaiso-based Regional Development Company (RDC) to handle the financial administration aspect of the revolving loan fund.
Pulaski County CDC Executive Director Nathan Origer told the Pulaski County Commissioners this week that the RDC will receive the application and run a credit report plus gather personal or business tax forms. The county will then receive a credit memo as part of the process in applying for a revolving loan. The RDC will give a ranking to a committee set up by the Pulaski County CDC. Other aspects will be considered in an overall ranking which will be presented to the Commissioners for approval or denial of a loan.
He said this process will give more oversight from the company who has access to information the county doesn’t. County Attorney Kevin Tankersley will look over the paperwork, and the RDC will assist in preparing the closing documents.
As part of the contract, the RDC will charge $100 per hour that will be included in the application fee.
The RDC assists with this type of funding in LaPorte and Michigan City.
The commissioners approved the Pulaski County CDC to enter into a contract with RDC for the revolving loan application process.