SOUTH BEND, Ind. -- The City of South Bend announced applications are now open for the South Bend Opportunity Fund, an initiative designed to provide local small businesses with increased access to capital and essential business support services.

City officials say the initiative was developed with the North Central Indiana Small Business Development Center (ISBDC) and 1st Source Bank to be available to businesses within 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.”

City officials say they're committing $1 million over the next three years to support the Opportunity Fund.

Officials say eligible businesses will receive tailored, one-on-one coaching from ISBDC, assistance with business planning, financial readiness, and operational strategies.

Businesses can also apply for loans with favorable terms through 1st Source Bank.

City officials say the Opportunity Fund aims to bridge the gap for businesses that may face challenges in accessing traditional financing.

“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.

You can apply here.