Waterloo is a small town of under 2,500 people; the station primarily serves the vastly larger population of Fort Wayne, which is some 25 miles (40 km) to the south.

The station has a waiting room and restroom facilities; it is open for only short periods before trains arrive.

[6][4]: 76, 78 The town received a $420k federal grant (supplemented with $153k in local match and $100k in other funds) in 2005 to renovate the station for rail use.

The work included replacement of the roof, windows, and doors; installation of accessible restrooms, and repainting.

[3] In October 2010, the town of Waterloo received a $1.8 million federal TIGER grant to construct station improvements including a new platform, a canopy, lighting, and the incorporation of the restored building.

[7] Waterloo accepted the agreement in June 2012, but the 2013 budget sequestration reduced Amtrak's available funds and the project was canceled.

[7][8] In early 2015, the town began a smaller project funded by the original TIGER grant, which included additional lighting and walkways, a new parking lot, and electronic signage.