City of South Bend to receive $7.7 million for small business loans

SOUTH BEND, Ind. – The U.S. Economic Development Administration is awarding South Bend $7.7 million for a new Revolving Loan Fund to make loans for small businesses impacted by the pandemic.

This award is part of the $16 million overall given to cities across Indiana.

“This award from the EDA is a testament to the City’s success with the Industrial Revolving Loan Fund across many decades. Given the difficult economic environment in the midst of the COVID-19 pandemic, this funding boost will help fuel our economic recovery,” said Mayor James Mueller.

South Bend is receiving the largest award out of all given out and will be used to provide low-interest financing to help companies start, maintain, and expand their operations and facilities.

“Small businesses are the heart of so many of our communities, and these funds are an investment in the future of our people and our cities. I am proud of the work done by our federal partners to ensure that entrepreneurs have the support they need so their businesses can keep serving Hoosiers for years to come,” said Governor Eric Holcomb.

The City will submit its plans for the fund to the EDA in the next two months before receiving the award.