DCI Annual Report 2024 - Laserfiche WebLink

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42 DEPARTMENT OF COMMUNITY INVESTMENT GROWTH & OPPORTUNITY The Growth & Opportunity Team promotes economic development throughout the City and off ers a range of programs and incenƟ ves 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 fi nancial tools that help unlock tradiƟ onal fi nancing. Other fi nancial incenƟ ves include grants to promote exterior acƟ vaƟ on and tax abatements to incenƟ vize 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 loan programs: the Revolving Business Enterprise Fund and the Revolving Loan Fund II. In 2024, under the two programs, the City issued 13 loans totaling $2.5 million in direct fi nancial support for South Bend small businesses. Through the loan programs, the City conƟ nues its mission of providing support to small businesses and expanding our local economy. Aligned with the City’s focus on assisƟ ng businesses that may have challenges accessing tradiƟ onal fi nancing, parƟ cularly in historically underserved areas, 92 percent of loan recipients in 2024 were minority- owned and 38 percent were women-owned. Of the 52 acƟ ve 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 porƞ olios are performing well with minimal delinquency. Altogether in 2024, the City collected principal payments of $3.9 million and nearly $608,000 in interest and fees. These funds are reinvested back into the loan programs and are made available to more South Bend businesses in need of support. GROWTH & OPPORTUNITY