October 22, 2024
Today, the City of South Bend announced the South Bend Opportunity Fund, a program to provide small businesses with access to capital along with technical assistance and coaching.
The City is partnering with 1st Source Bank and the North Central Indiana Small Business Development Center (ISBDC) to administer the Opportunity Fund program. The City will provide $1M in support of the program over the next three years.
“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.”
Through this program, businesses will receive customized, one-on-one coaching from ISBDC and a readiness assessment for a small business loan at a lower interest rate from 1st Source Bank. The Opportunity Fund partners anticipate accepting applications for the program beginning in January 2025. Certain conditions and eligibility will apply. Applicants will be subject to credit approval.
“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 goal of the Opportunity Fund is to offer new and developing businesses in South Bend access to capital that would otherwise be unavailable. This access to new capital, combined with business coaching, is intended to support growth for a diverse range of businesses.
“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.
About Indiana Small Business Development Center:
The North Central Indiana Small Business Development Center, regionally hosted by Indiana University South Bend, serves more than 400 entrepreneurs and small businesses annually through confidential, no-cost business consulting, educational workshops, access to information tools, and connection to state level programs. More information at isbdc.org. The ISBDC, located at Indiana University South Bend, is the region’s largest and most established business coaching resource.
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, nine Trust and Wealth Advisory Services locations, 10 1st Source Insurance offices, and three 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/.