Laserfiche WebLink
46 <br /> OPPORTUNITY FUND FINANCIAL EMPOWERMENT <br /> In the fall of 2024, the City announced a new In February 2024, the City announced a <br /> initiative--the South Bend Opportunity Fund-- Request for Proposals (RFP), for qualified <br /> designed to provide local small businesses with 501(c)(3) nonprofit organizations to serve as <br /> increased access to capital and essential business the financial counseling provider for the new <br /> support services. The program, developed by the Financial Empowerment Center (FEC). The RFP <br /> City in partnership with 1st Source Bank and the reviewed organizations that could effectively <br /> North Central Indiana Small Business Development implement high-volume, quality, one-on-one <br /> Center (ISBDC), will be available to businesses financial counseling services to all South Bend <br /> located within the City of South Bend in early residents. Following a competitive application <br /> 2025.The City is committing$1 million over the process, the City selected the Near Northwest <br /> next three years to support the Opportunity Neighborhood Inc. to operate the South Bend <br /> Fund, reinforcing its commitment to fostering FEC at its future permanent home, the new <br /> economic growth and entrepreneurship within the Martin Luther King,Jr. Dream Center opening in <br /> community. The program provides participating 2025. <br /> businesses with personalized coaching from ISBDC <br /> and access to affordable small business loans (up In September 2024, the National Cities for <br /> to $30,000) through 1st Source Bank. Financial Empowerment Fund (CFE) awarded <br /> the City of South Bend a $150,000 grant to <br /> support the launch of the South Bend FEC. <br /> Throughout the Fall, FEC counselors underwent <br /> rigorous training to meet national CFE Fund <br /> training standards to be able to provide free <br /> one-on-one financial counseling. <br /> The South Bend FEC is set open in April 2025 <br /> and will be accessible to all City residents over <br /> the age of 18. To learn more about the South <br /> Bend FEC, visit www.southbendfec.org . <br /> South Bend <br /> Financial <br /> Empowerment <br /> Center <br /> Free One-on-One <br /> Financial Counseling <br /> South Bend FEC logo <br /> DEPARTMENT OF COMMUNITY INVESTMENT GROWTH&OPPORTUNITY <br />