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<br />South Bend Opportunity Fund h‚ps://southbendin.gov/opportunityfund/ <br />Guidelines – Updated January 31,2025 <br />Business Coaching <br /> <br />An applicant for the South Bend Opportunity Fund program is required to complete <br />business and financial coaching through the ISBDC before being referred to 1st Source <br />Bank to begin the loan applicaঞon process. <br /> <br />There will be two separate coaching programs offered, one for start-up businesses (i.e., in <br />business less than 12 months) and a second for established businesses (i.e., in business <br />12 months or more). Upon compleঞon of the coaching, the business will be referred to a <br />bank loan officer assigned to manage Opportunity Fund loan applicants. <br /> <br />Small Business Loans <br /> <br />Loans are convenঞonal fully amorঞzing term loans with a fixed interest rate of 5.00% and <br />term of up to 60 months. There will be no loan applicaঞon fee or closing fees. Loan <br />proceeds can be uঞlized for working capital and/or to purchase machinery and <br />equipment. Loans will be secured via UCC filings or ঞtled assets. <br /> <br />Underwriঞng requirements include, but are not limited to, the applicant having a <br />minimum 600 credit score and no bankruptcies in the prior 3 years, as well as no <br />judgements, liens, or foreclosures in the prior 2 years. <br /> <br />A minimum level of business and financial coaching will be required of all applicants. In <br />addiঞon to a required post-loan coaching session, free follow-up coaching will be <br />available and encouraged a[er the business has obtained the loan. <br /> <br />1st Source will require proof of business insurance, and a business checking account is <br />required to be opened when the loan has been approved and funded. <br /> <br />Applying for the Opportunity Fund Program <br /> <br />Businesses interested in obtaining an Opportunity Fund loan begin the process by <br />visiঞng this website: h‚ps://southbendin.gov/opportunityfund/ <br /> <br />The website provides addiঞonal informaঞon and has a link to the ISBDC website to sign <br />up for business and financial coaching. At that point, the applicant will complete a <br />quesঞonnaire and indicate their desire to parঞcipate in the Opportunity Fund program. <br />A[er compleঞon, a representaঞve from ISBDC will reach out to schedule the applicant in <br />the mandatory business coaching.