City of South Bend announces new ‘Opportunity Fund’ for entrepreneurs

SOUTH BEND, Ind. -- The City of South Bend made an announcement Tuesday afternoon that could go a long way for local small businesses owners and entrepreneurs.

The city’s new opportunity will provide access to low interest loans to startup businesses ranging from $1,000 to $30,000 dollars, along with customized one on one coaching.

It’s partnering with the Indiana Small Business Development Center and 1st Source Bank for the new program.

The city is pitching in $1 million dollars of the Federal American Rescue Plan funding to the loan loss reserve, which it hopes will help to finance the growth of businesses of all kinds.

The city has other programs to assist small businesses, but Mayor James Mueller said this loan is the only one of its kind.

"What is unique about this loan product is it's for new and emerging and that's a place where if you were an entrepreneur, you're a small business that doesn't have that track record. It's very difficult to get any kind of financing so that's what this is aiming to, to fill in that gap,” said Mueller.

The program will begin taking applicants January 1, but those hoping for coaching can reach out immediately.