City of Mishawaka creates small business loan program

MISHAWAKA, Ind. – The City of Mishawaka has created a small business loan program that will provide financial relief for business hit hard by the COVID-19 pandemic.

The City partnered with Lake City Bank in order to make the loan program possible.

“This loan program is part of a multifaceted approach aimed at helping the people and businesses in Mishawaka weather the current crisis,” Mayor Dave Wood said in a press release. “The City has already allocated more than $280,000 in federal grant funding to help Mishawaka citizens with basic needs.”

The City is offering maximum loan amounts of $10,000 at an interest rate of 0% for the first six months.

Payments will be deferred for the first six months and borrowers will have 18 months to pay off the loan.

Funding for the $500,000 program was made possible via capital expense refunds from the City’s Tax Increment Finance District.

For more information, visit the website for Lake City Bank.