Directors elected to Indiana Community Business Credit Corp. board

Three officers were re-elected to their positions on the board of the Indiana Community Business Credit Corporation, one new director was elected and four other board members had their terms extended to 2023. The Indiana Community Business Credit Corp. manages a pool of risk capital to be loaned to Indiana small businesses that have an identified gap in their financing needs. Twenty-six Indiana banks currently contribute to the $30 million pool. Most officers and directors are bankers. Mark Kugar, senior VP of BMO Harris Bank, was re-elected as president of the Credit Corp. board. Steve McGlothlin, executive vice president of Old National Bank will continue as vice president & treasurer of the board. Jean Wojtowicz, president of Cambridge Capital Management Corp. continues as secretary of the board. The five Credit Corp. board members elected to terms that now extend to 2023 are: Dan Hampton of Horizon Bank who is new to the board; and elected to a renewed term were John Corbin, Huntington National Bank; Kevin Hipskind, Fifth Third Bank; Steve McGlothlin, Old National Bank; and Steve Spicer, KeyBank. There are 13 members on the Credit Corp. board. The Indiana Community Business Credit Corp. has loaned funds to 177 Indiana companies since 1986 totaling over $69 million . Last year, the Credit Corp. provided more than $2 million in loans to Indiana companies. Loans are called "mezzanine capital" because these loans sit between the senior debt provided by the bank and the equity provided by the owners.