2024 - DCI Annual Report - Laserfiche WebLink

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42 GROWTH & OPPORTUNITY The Growth & Opportunity Team promotes economic development throughout the City and offers a range of programs and incentives that support South Bend businesses. The Team administers several programs designed to provide eligible South Bend businesses loans at below-market rates and provides small developers and others access to financial tools that help unlock traditional financing. Other financial incentives include grants to promote exterior activation and tax abatements to incentivize job growth and capital investment. The Growth & Opportunity team also provides access to job training that strives to place both residents and businesses on a pathway to success. REVOLVING LOAN PROGRAM The City of South Bend operates two revolving are performing well with minimal delinquency. loan programs: the Revolving Business Enterprise Altogether in 2024, the City collected principal Fund and the Revolving Loan Fund II. In 2024, payments of$3.9 million and nearly $608,000 in under the two programs, the City issued 13 loans interest and fees. These funds are reinvested back totaling$2.5 million in direct financial support for into the loan programs and are made available to South Bend small businesses. more South Bend businesses in need of support. Through the loan programs, the City continues its mission of providing support to small businesses and expanding our local economy. Aligned with the City's focus on assisting businesses that may have challenges accessing traditional financing, particularly in historically underserved areas, 92 percent of loan recipients in 2024 were minority- owned and 38 percent were women-owned. Of the 52 active loans managed by the City, 62 percent are for minority-owned businesses and 35 percent are for women-owned. Also, despite the headwinds that businesses have been facing over the past few years, both loan portfolios DEPARTMENT OF COMMUNITY INVESTMENT GROWTH&OPPORTUNITY