February 17, 2025
Today, the City of South Bend announced the launch of the South Bend Opportunity Fund. The South Bend Opportunity Fund is an initiative designed to provide local small businesses with increased access to capital and essential business support services. The program, developed by the City in partnership with 1st Source Bank and the North Central Indiana Small Business Development Center (ISBDC), is available now to businesses located within the City of South Bend.
“We are thrilled to launch the South Bend Opportunity Fund in partnership with 1st Source Bank and the North Central Indiana Small Business Development Center,” said South Bend Mayor James Mueller. “Small businesses are the backbone of our local economy, and this program will empower South Bend entrepreneurs with financial and technical support to grow and thrive.”
The City is committing $1 million over the next three years to support the South Bend Opportunity Fund, reinforcing our commitment to fostering economic growth and entrepreneurship within the community.
Eligible businesses will receive tailored, one-on-one coaching from ISBDC, including assistance with business planning, financial readiness, and operational strategies. Additionally, businesses will have the opportunity to apply for loans with favorable terms through 1st Source Bank.
“1st Source Bank is excited to support this program as it aids small businesses with affordable access to capital right in our backyard of South Bend,” said Andrea Short, President & CEO of 1st Source Bank. “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.”
The Opportunity Fund aims to bridge the gap for businesses that may face challenges in accessing traditional financing, fostering a more inclusive and diverse entrepreneurial ecosystem in South Bend.
“The Indiana SBDC is excited for this opportunity to deepen our collaboration with the City of South Bend and 1st Source Bank to catalyze small business formation and growth through enhanced access to capital,” said Indiana Small Business Development Center Regional Director, Alan Steele.
Applications are now open for the South Bend Opportunity Fund and can be found by visiting isbdc.ecenterdirect.com/signup.
About the North Central Indiana Small Business Development Center:
The North Central Indiana Small Business Development Center (ISBDC), regionally hosted by Indiana University South Bend, provides no-cost, confidential business consulting, educational workshops, and access to a range of business resources. Serving over 400 entrepreneurs and small businesses annually through confidential, no-cost business consulting, educational workshops, access to information tools, and connection to state level programs. The ISBDC is located on campus at the Indiana University South Bend and committed to fostering small business success across the region. Learn more at isbdc.org.
About 1st Source Bank:
1st Source Corporation, parent company of 1st Source Bank, has assets of $8.9 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 77 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, 9 Trust and Wealth Advisory Services locations, 10 1st Source Insurance offices, and 3 loan production offices. For more than 160 years, 1st Source has been committed to our mission of helping our clients achieve security, build wealth, and realize their dreams. Equal Housing Lender. For more information, visit https://www.1stsource.com/.