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Plymouth Industrial Development Corporation (PIDCO) and Plymouth Economic Development Corporation (PEDC) join forces in Loan Program for Downtown Businesses

December 1, 2015
By

local News_2PIDCO and PEDC are pleased to announce the implementation of a micro-loan program in the downtown Plymouth area. This program has been made possible thanks to the U.S. Department of Agriculture (USDA), which provided $75,000 through the Rural Business Development Grant. Over the last year, PIDCO has donated matching funds to PEDC, providing a $20,000 seed capital, and enabling them to apply for the grant. With the acquisition of the grant, funds are capitalized at $95,000. The application was successful thanks to the cooperation of the City of Plymouth, Marshall County Economic Development Corporation, Melissa Christiansen from our local USDA Office, the Plymouth Chamber of Commerce, and numerous Plymouth business leaders.

Four years ago, PIDCO recognized the importance of a vibrant and diverse downtown for our community. Over much of its sixty plus year history, PIDCO focused largely on industrial development in Plymouth, and along with public and private partnerships, has been responsible for a tremendous amount of the industrial development in our community. As time has passed, we remain supportive of continued manufacturing development, and also recognize that new business development in our community benefits greatly from a downtown that looks, feels, and is a central hub of positive activity.

Beginning in December, applications for the loan program will be available from the Marshall County Economic Development Corporation and the Plymouth Chamber Offices. Plymouth businesses in the following footprint are eligible to apply:

  • the area bounded by Liberty St. on the east
  • the CSX/CHICAGO/PIONEER railroads on the south
  • the Northfolk Southern/Pennsylvania Railroads on the west
  • properties on the north side of Jefferson St.

Businesses may use the funds for:

  • acquisition and development of land, easements, and rights-of-way
  • construction, conversion, enlargement, repairs, or modernization of buildings (including fa├žade repairs)
  • machinery and equipment
  • access streets, roads, and parking areas
  • utilities, pollution control, and abatement
  • startup operating costs
  • working capital
  • technical assistance to help a business prepare and implement a comprehensive business plan and to train staff

We look forward to working with new and existing businesses as they create a vibrant, active, and diverse downtown in our community.

About Plymouth Industrial Development Corporation

Plymouth Industrial Development Corporation (PIDCO) was established in 1957 to promote quality industrial development in Plymouth, Indiana. Over the past nearly 50 years, PIDCO has worked with a variety of locally owned industries, and has purchased, developed and resold over 500 acres of industrial land in Marshall County. PIDCO has worked closely with the City of Plymouth, Marshall County and the Indiana Economic Development Corporation (IEDC) to provide a business friendly environment and to maximize incentive packages for both new and existing industries. For more information, visit PIDCO online at www.plymouthalive.com.