South Bend Opportunity Fund

The Department of Community Investment of the City of South Bend has launched the Opportunity Fund program to support small businesses and entrepreneurs by providing access to capital and resources. The Opportunity Fund’s mission is to provide opportunities to business owners by expanding financing and business coaching. The City of South Bend has partnered with the Indiana Small Business Development Center (ISBDC) as the official provider of business coaching and 1st Source Bank as the designated lending institution for the South Bend Opportunity Fund program.

Through these partnerships, the City aims to support the growth of local businesses by providing access to valuable resources, guidance, and financing. ISBDC’s expertise in business development will help business owners refine their strategies and strengthen their operations, while 1st Source Bank will offer financial solutions tailored to their financial needs.

The Opportunity Fund program empowers individuals to overcome economic barriers. The program aims to foster economic growth, create jobs, and build a more inclusive, vibrant community through mentorship, funding, and business resources. The Opportunity Fund is dedicated to strengthening South Bend’s local economy and helping individuals achieve their entrepreneurial dreams.

Eligibility for the Opportunity Fund is based on the following criteria:

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 for loan eligibility, which would not apply to the business coaching.

Applicants are required to complete business coaching and a readiness assessment before being referred to 1st Source Bank for loan consideration. The purpose of business coaching is to help enhance the business’s loan readiness, which may involve developing a business plan, preparing sales projections, and formalizing financial records.

The ISBDC will manage both the business coaching and the loan readiness process. However, please note that the program will not be available until Q1 2025 and will be issued by 1st Source Bank upon ISBDC’s referral, following the completion of the coaching requirements.

South Bend Opportunity Fund Press Release

Frequently Asked Questions (FAQs)

Is this a loan?

Yes, the Opportunity Fund is a loan and not a grant.

When will loans be available?

Loans through the Opportunity Fund should become available in Q1 of 2025. However, prior to becoming eligible for a business loan, a business owner must complete business coaching through the Indiana Small Business Development Center.

How do I qualify for the Opportunity Loan program?

To qualify for the South Bend Opportunity Fund program, a business must meet a certain parameters. First, they must be located and operate within the City of South Bend. Second, the prior year revenues cannot exceed $300,000 as reported on the company tax returns. In addition to the aforementioned items, there will be additional requirements to be eligible for a loan.

How much funding is available?

Once eligibility requirements are met, a business may receive a loan of between $1,000-$30,000. under various repayment terms.

Can I apply if I haven’t started my business yet?

Start-up businesses are eligible, however all business must be properly formed with corresponding documentation in place as well as completing the required business coaching prior to becoming eligible for a loan.

Can I apply if I am already operating my business?

Yes, existing businesses are eligible, but must not have revenues exceeding $300,000 on an annual basis to be eligible for the South Bend Opportunity Fund.