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nor;. <br /> / 3 <br /> GROWT & ODDORT \ TY <br /> The Growth & Opportunity Team promotes economic development <br /> throughout the City and offers a range of programs and incentives <br /> that support South Bend businesses. The Team administers several <br /> programs designed to provide eligible South Bend businesses loans <br /> at below-market rates and provides small developers and others <br /> access to financial tools that help unlock traditional financing. Other <br /> financial incentives include grants to promote exterior activation and <br /> tax abatements to incentivize job growth and capital investment. <br /> The Growth & Opportunity team also provides access to job training <br /> that strives to place both residents and businesses on a pathway to <br /> success. <br /> REVOLVING LOAN PROGRAM <br /> The City of South Bend operates two revolving and interest in 2023. This transition was well <br /> loan programs: the Revolving Business managed and there were no payment issues <br /> Enterprise Fund (RBEF) and the Revolving or delinquency stemming from the increase in <br /> Loan Fund II (RLF II). In 2023, under the two payment amounts. <br /> programs,the City issued 12 loans totaling <br /> $5.15 million in direct financial support for Aligned with the City's focus on expanding <br /> South Bend small businesses. our local economy and supporting small <br /> businesses, 66.6% of loan recipients in 2023 <br /> Through the loan programs, the City continues were minority-owned and 33.3% were women- <br /> its mission of providing support to small owned. Also, despite the headwinds that <br /> businesses. The RLF II was created in July businesses have been facing over the past <br /> 2020 after the City was awarded a $7.7 million few years, both loan portfolios are performing <br /> in federal funding via the Cares Act to help well with minimal delinquency. Because these <br /> small businesses impacted by the COVID-19 programs are revolving, the interest and fees <br /> pandemic. The initial disbursement period collected are returned to the program to be <br /> ended in July 2022 and during this two-year lent out in the future. Altogether in 2023, <br /> period, the RLF II provided 25 loans. Some the City collected principal payments of <br /> of the loans issued for COVID-19 support $2.4 million and interest payments and fees <br /> had initial interest only payment periods that totaling over $547,000 to help sustain the two <br /> transitioned to full payments of principal programs. <br /> GROWTH&OPPORTUNITY ANNUAL REPORT 2023 <br />