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The IRF works in concert with many public and private entities in supporting this <br />historic and continuing business development "need". <br />To support the creation of new products and services, new business activities that <br />are often fueled by the new concepts and technologies generated by university <br />research. We are painfully aware that most of the past generator of new products <br />and new services exited communities such as ours during the consolidations and <br />mergers of the 70's and 80's. The loss of local ownership not only meant that a <br />headquarters (large or small) departed, it typically meant that the company's <br />research and development team left as well, which meant the typical Midwest <br />community lost: <br />0 The source of new ideas <br />The systems and infrastructure that effectively whittled 100 ideas down to <br />3 or 4 successful product launches <br />The infrastructure and support that caused most new product and service <br />(business) launches to occur locally <br />Today the most significant generator of new, promising ideas are our regional <br />universities. The IRF is committed to support the effective evaluation and <br />transition of new university -based ideas. While we recognize local and regional <br />universities are a growing source of new science and phenomena to fill the idea <br />generation gap, we also recognize that the (formerly private, internal) company <br />infrastructure that processed 100 ideas into 3 or 4 viable businesses is gone. The <br />replacement of this "concept development" infrastructure is critical to new business <br />and job -creation activities. This is the second community business development <br />"need" that the IRF is committed to support. <br />3. Characteristics of IRF Financing Niche <br />Types of businesses typically assisted by the IRF: <br />0 Retention of existing companies in any NAIC code <br />a Expansion of local and non -local companies in any NAIC code <br />a New start-up companies classified under any NAIC code <br />Types of financing typically provided by the IRF: <br />Term loans for fixed asset purchases, working capital, and acquisition of <br />businesses (to maintain their location in South Bend). These loans will be <br />made primarily to businesses that export the majority of their product or <br />service outside the immediate area <br />Working capital and equipment loans for high tech industries in the <br />technology parks and in other areas of the City <br />11 <br />