John Fegaras, owner of Lindos Restaurant, will be the city’s first recipient of the Michigan City Revolving Loan Fund. The Michigan City Board of Public Works approved the loan based on the approval of the Michigan City Revolving Loan Committee recommendation. Mr. Fegaras has been in the restaurant industry for approximately 50 years within the Michigan City area. The Fegaras family owns three family style restaurants including Lindos Restaurant, Galveston Steakhouse and the former Rodini Restaurant.
The loan of $90,000 will be used for interior renovations, updating the restaurants décor, the addition of a bar with flat screen TVs, and creating a covered outdoor patio with a fire pit. The restaurant, the former Lindos to be renamed La Paloma, will have new hours that will fit its new style and clientele. The renovations and reopening will result in retaining 20 jobs and creating10 new jobs.
“I wish I would have known earlier about the Michigan City Revolving Loan Fund. I think it’s a great tool for small businesses. What the City and the Economic Development Corporation Michigan City is doing is great for the community” said John Fegaras.
Mayor Ron Meer said, “Michigan City is committed to assisting growing local businesses in Michigan City, both large and small. The revolving loan fund was established by the Michigan Common Council for that purpose and we hope to see many more businesses seeking to invest in Michigan City take advantage of this valuable financial resource.”
Michigan City will benefit from the additional employment being made available when the project is completed.
The Michigan City Revolving Loan Fund (MCRLF) was established in 2010 with the purpose of stabilizing and expanding the employment base and economy of Michigan City through and attraction of primary employment. In March of 2015, the EDCMC partnered with the Regional Development Company (RDC) Valparaiso, IN. The RDC works in conjunction with the EDCMC and the City of Michigan City to review and process the MCRLF.
EDCMC Chairman and MCRLF committee member, Joie Winski, LaPorte County Auditor said, “Michigan City, Indiana continues to lead the way in promoting businesses to invest in our community. The EDCMC is excited about the revolving loan program and what it can do for the business community.”
Local businesses seeking information about the Michigan City Revolving Loan Fund, please visit: www.rdc504.org or call (219) 476-0405