South Bend launches fund to support small businesses
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South Bend on Monday launched an effort to provide coaching, access to capital and additional support services to small businesses in the city.
The South Bend Opportunity Fund was developed in partnership with 1st Source Bank and the North Central Indiana Small Business Development Center. The city said in a news release it is committing $1 million over the next three years. The South Bend-based bank is providing favorable loan terms, and the center is providing one-on-one coaching.
“Small businesses are the backbone of our local economy,” Mayor James Mueller said in the release, “and this program will empower South Bend entrepreneurs with financial and technical support to grow and thrive.”
The Opportunity Fund, the city said, aims to foster diversity within the Notre Dame business community by helping to “bridge the gap” that businesses can face in accessing traditional financing.
“This program fits well with our existing capabilities while also furthering our goal of supporting small businesses in the communities where we live and serve,” 1st Source CEO Andrea Short said.
Through the North Central Indiana Small Business Development Center, hosted by Indiana University South Bend, business owners can receive a host of additional support services, including assistance with business planning, financial readiness, and operational strategies. The center is the regional office of the Indiana Small Business Development Center, a division of the Indiana Economic Development Corp.
Indiana is home to more than 534,000 small businesses that support more than 1.2 million Hoosier jobs, the IEDC says. In 2022, they accounted for most of the state’s net new job growth and contributed an estimated $11.5 billion to the state’s gross domestic product.
Eligibility criteria for the Opportunity Fund include the following:
- The business (or startup) must be located and operating in South Bend.
- The business must have had revenues of less than $300,000 in the prior year.
- Additional qualifications must be met for loan eligibility.
Applications can be found at isbdc.ecenterdirect.com/signup.