Public Guidelines_2025-02-13_Final (1)

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hps://southbendin.gov/opportunityfund/ South Bend Opportunity Fund Small Business Loan and Coaching Program Guidelines – Updated February 13, 2025 Program Overview The City of South Bend Opportunity Fund program provides loans and business coaching to South Bend small businesses. The loans are provided and serviced through 1st Source Bank with the North Central Indiana Small Business Development Center (ISBDC) providing iniঞal and ongoing coaching services to program par ঞcipants. Loan applicants are required to parঞcipate in business coaching. Loans between $1,000 and $30,000 are available to eligible small businesses. This is a loan program and not a donaঞon or grant—businesses receiving a loan will be required to make monthly payments unঞl the loan has been paid in full. Loans will be available on a first-come, first-served basis based on applicant eligibility unঞl program funding has been exhausted. Eligibility Requirements Small businesses interested in obtaining an Opportunity Fund loan must meet the following minimum eligibility criteria with no excepঞons:  The applicant must be a for-profit business and be either a startup or have previous calendar year revenues at or below $300,000;  The applicant’s business must be physically located in and operate within the City of South Bend (click here to view a map showing the city limits); and  The applicant must be a legal business enঞty such as a sole proprietorship, partnership, corporaঞon, or limited liability company. Any applicant with a previously charged off loan with 1st Source Bank will not be eligible for an Opportunity Fund loan. Also, the applicant will be required to have appropriate worker compensaঞon as required by law, as well as general liability and/or commercial property insurance (as applicable). Applicants will be asked to provide adequate informaঞon and supporঞng documentaঞon to demonstrate meeঞng program requirements.