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South Bend Opportunity Fund Program Provides Big Money for Small Businesses
South Bend, Ind. is buzzing with excitement as small businesses are set to receive a major financial boost thanks to the newly established Opportunity Fund programs. The City of South Bend has joined forces with First Source Bank and the North Central Indiana Small Business Development Center (ISBDC) to bring in a whopping $1 million dollars to support local entrepreneurs.
Entrepreneurs in the area will now have access to another avenue for financing, with the goal of providing funding opportunities at lower interest rates to help small businesses get off the ground. This initiative is especially beneficial for businesses that may struggle to secure traditional bank loans due to lack of track record or experience.
According to Allen Steele, Director of the Indiana Small Business Development Center, the first infusion of capital is crucial for many entrepreneurs to establish and grow their businesses. The Opportunity Fund will provide funding ranging from $1-$30 thousand dollars per business, with over 400 businesses already eligible for the program through the ISBDC.
South Bend Mayor James Mueller expressed his excitement for the program, emphasizing the impact it will have on the local community. “This is one of those programs that we wanted to make sure was going where the need was and making a real impact in our community,” said Mayor Mueller.
While small businesses will be able to apply for financing in the coming weeks, the funding will not be available until 2025. This delay allows businesses time to prepare and plan for the future growth and success that the Opportunity Fund will bring.
Overall, the Opportunity Fund programs are set to make a significant difference in the South Bend small business community, providing much-needed support and resources for entrepreneurs looking to make their mark in the local economy.
