ECONOMIC

Strategy 1:

Promote regionalism and regional partnerships.

About The Objectives

The first strategy is supported by seven objectives that help develop a stronger regional relationship between the six counties found in the IND15RPC region. By working together, the region will be able to collectively support and lean on one another while addressing the negative impacts brought on by the pandemic and shifting economic trends pre-pandemic. Strengthening these relationships and creating plans and programs now will support future development initiatives and allow the region to be able to better address future economic shifts and changes at a local level.

Revolving Loan Funds

According to the Council of Development Finance Agencies (CDFA), a revolving loan fund (RLF) is a “gap financing measure primarily used for development and expansion of small businesses”

(https://www.cdfa.net/cdfa/cdfaweb. nsf/0/33B78077F239A1B9882579360059560B). Revolving loan funds are used as a flexible source of money that can be withdrawn, repaid, and withdrawn again by a borrower. Revolving loan funds can be used for the acquisition of land and buildings, new construction, façade and building renovations, buying equipment needed for a business, and more. Depending on the loan and what a person is utilizing the money for, the loan term may vary anywhere from three to twenty years. Loan amounts vary based on the revolving loan fund provider’s minimum and maximum loan amounts.

Renewable Energy Hubs

The Indiana First Region has identified as one of its goals to transition itself into an energy hub for renewable energy through the development of solar farms, leading the world in battery development, facilitating high tech energy exploration in oil and gas, and becoming the home of one of the cleanest and most advanced Integrated Gasification Combined Cycle (IGCC) generating plants in the world. They will accomplish this through investment in several projects in the region that will have long-term, sustainable benefits for the region, state, and nation.

Innovation Networks

Innovation networks are a collection of people, businesses, and industries that help to solve problems and come up with new ideas that lead to growth and advancement within a business or industry. For the purposes of this resiliency plan, this is a complex network of several entrepreneurs, startup businesses, and existing industries that are encouraged to work together and continue making advancements in more technologically advanced industries such as logistics, battery development, and renewable energy. The region is looking to maintain and grow the existing manufacturing presence across the area by supporting existing businesses and attracting new ones. In order to do this, the region is open to becoming a location for new businesses and startups to begin and grow. The region’s low cost makes the area a great place to invest when starting a business, and the location allows people to easily travel from one region to the next.