In Pulaski County, we understand that the success of your business is a contributing factor to the success of our people and county. Our Economic Development team works tirelessly to provide the right-fit assistance, incentives, or both to bring new business to town and to benefit those who operate in our borders. Please contact the Pulaski County Economic Development executive director to learn more about any of these incentives or forms of assistance.
A rarely used tool, forgivable loans are grants from the local government, offered in lieu of other forms of incentive, that are structured so that the borrower either has a portion of the loan forgiven each year or is required to pay that year’s portion of the loan depending on whether or not the borrower has met the job-growth expectations and/or other requirements of the loan agreement.
Pulaski County and the Town of Winamac will offer tax abatements on new real-estate construction and improvements, new personal property, and the occupation of vacant buildings pursuant to applicable sections of the Indiana Code and based on the amount of investment and promised job creation. Most abatements are offered for industrial purposes (manufacturing, logistical distribution, research and development, and information technology), but commercial abatements are sometimes available within the Economic Development Target Area in downtown Winamac. The Indiana Department of Local Government Finance website has a comprehensive list of property-tax forms, including those required for seeking and remaining compliant with tax abatements. Noteworthy forms include
- Abatements, New Personal Property
- 51764, Form SB-1/PP (statement of benefits)
- 51765, Form CF-1/PP (annual statement of compliance)
- Abatements, Real Estate Improvements
- 51767, Form SB-1/Real Property (statement of benefits)
- 51766, Form CF-1/Real Property (annual statement of compliance)
- Vacant Building Deduction
- 55182, Form SB-1/VBD (statement of benefits)
- 55183 Form CF-1/VBD (annual statement of compliance)
Additionally, various 103 and 103-Long Forms are required depending on the nature of your company and your deductions.
Pulaski County Economic Development often partners with the Indiana Economic Development Corporation to offer the right combination of incentives to help to ease the burden of growth or relocation. Here is a list of IEDC incentives; the most commonly used are the EDGE Payroll Tax Credit and HBI.
Revolving Loan Fund
Administered by Pulaski County Economic Development, the Pulaski County Revolving Loan Fund (RLF) has a balance of more than $90,000 (and growing as current loan repayments build the fund), available to assist existing and start-up businesses to grow when bank financing is either unavailable or insufficient.
The RLF has two tiers of funding available to potential borrowers. Regular loans, valued at $20,000.01 or more, undergo a more rigorous review process conducted by the Regional Development Company. Currently, the non-refundable application fee for these loans is $500. The application for this loan option can be found here. The application checklist can be found here. Following the RDC’s review process, applications are reviewed by the full Community Development Commission and then either rejected, returned for more information, or recommended to the Pulaski County Board of Commissioners for final approval.
The lower-tier Small Loan Program is divided into three levels: Micro, Mini, and Small. See the Program description and guidelines here.
A five-member ad hoc committee reviews Small Loan Program applications and business plans; if the committee approves, it recommends that the County Commissioners make the loan, at which time the Commissioners hear the applicant’s case and make a judgment. Find the Small Loan Program application here.
Please contact PCED to discuss your project before submitting an application for any level of RLF funding.
Regional Development Company
Located in Valparaiso, the RDC is a Small Business Administration 504 program lender focusing its service on northwestern Indiana and Chicagoland. In 504 loan project, the RDC partners with your company and your 504-participating bank to help you to start or to expand your business with less start-up cash. Depending on the specifics of your situation, you inject 10, 15, or 20 percent of the project cost; the RDC lends you 40, 35, or 30 percent (at rates generally a bit lower than local bank rates); and your lender takes first mortgage and lends half of the project cost.
Please contact PCED if you’re interested in working with the RDC to build your business in Pulaski County.
Small Business Administration Loans
In addition to the 504 program, the SBA offers other business-loan programs directly through banks and other entities.
- Learn more about the 7(a) program.
- A list of participating banks in Indiana can be found on page 50 of this handbook
Small Business Development Center
The Northwest Indiana Small Business Development Center looks to impact the region’s businesses through workshops, no-cost one-on-one consulting, and special events. The NWI SBDC is a resource for both existing businesses and entrepreneurs looking to launch a business. The staff offers advice to help businesses grow and to help start-ups take off from the ground level. A local representative, Ron Gifford, is based in the office of the Starke County Economic Development Foundation, in Knox, and PCED can assist you in soliciting help from the SBDC.
In partnership with numerous partners, we strive to provide the training needed to ensure that our local workforce is ready for the challenges of tomorrow. Learn more here.