Indiana organization lauded by Wall Street Journal

1/9/2012

The Lawrence County Economic Growth Council (LCEGC) is the only agency in the state of Indiana to receive funding through the United States Department of Agriculture's Rural Development program for a revolving loan fund, Indiana Economic Digest reports.

According to its website, the LCEGC aims to plan economic development for the county, facilitate the expansion and retention of existing businesses, recruit new businesses and support the development of a high-quality of life in Lawrence.

Because of these values, IED reports that The Wall Street Journal stated it had "heard good things" about the council.

Qualifying small businesses can receive anywhere from $2,500 to $20,000 from the organization, to be paid back over a five-year period at 3 percent interest. The remainder is then reused to fund other small business projects.

"As long as we get paid back, we can keep loaning out the money," executive director Gene McCracken told the news source., "We have $125,000 that can be loaned out for small business startups or expansions. We focus on job growth, but also look at retention."

The council has thus far received two grants from the USDA, one in 2007 to start the revolving fund and another last year to increase the amount it can offer.