Gateway Mile Loan Fund

Innovation + investment = economic success

With the development now underway in Elkhart’s central business district, there has never been a better time to invest in Downtown Elkhart.

If you have ever thought of investing in retail, entertainment or the restaurant business there is a great opportunity for you. Local financial institutions are working together to offer capital you need to make your dream of owning or expanding a business come true.

The Gateway Mile Loan Fund (GMLF) has been established for use in new construction, business expansion, new equipment, and building rehabilitation.

The GMLF boundaries are the Main Street bridge to the north, south along Main Street to the Mishawaka Road intersection, 3rd Street serves as the western boundary, and Prairie Street to the Johnson Street Bridge to the west.

Jerry Kearns


Gateway Mile and Aurora Loan Fund Feb 2021

Gateway Mile Loan Fund Application


First Mortgage
Real Estate Collateral
Maximum loan amount $200,000

  • Max term 5 years
  • Max amortization 15 years
  • Prime + 1%
  • Up to 90% appraised value
  • Fees = 1% of loan plus due diligence costs (which can be rolled into amount of loan)
  • 12 months interest only for projects involving major renovation

Small Business Loan
Equipment and tenant improvements
Maximum loan amount $50,000

  • Max term 5 years
  • Max amortization 7 years
  • Prime + 2%
  • Up to 90% loan-to-value or cost
  • Fees = 1% of loan

Rate information current as of February 2021


Upcoming Events