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46 <br />DEPARTMENT OF COMMUNITY INVESTMENT <br />FINANCIAL EMPOWERMENT <br />In February 2024, the City announced a <br />Request for Proposals (RFP), for qualifi ed <br />501(c)(3) nonprofi t organizaƟ ons to serve as <br />the fi nancial counseling provider for the new <br />Financial Empowerment Center (FEC). The RFP <br />reviewed organizaƟ ons that could eff ecƟ vely <br />implement high-volume, quality, one-on-one <br />fi nancial counseling services to all South Bend <br />residents. Following a compeƟ Ɵ ve applicaƟ on <br />process, the City selected the Near Northwest <br />Neighborhood Inc. to operate the South Bend <br />FEC at its future permanent home, the new <br />MarƟ n Luther King, Jr. Dream Center opening in <br />2025. <br />In September 2024, the NaƟ onal CiƟ es for <br />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 naƟ onal CFE Fund <br />training standards to be able to provide free <br />one-on-one fi nancial 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 />GROWTH & OPPORTUNITY <br />South Bend FEC logo <br />In the fall of 2024, the City announced a new <br />iniƟ aƟ ve--the South Bend Opportunity Fund-- <br />designed to provide local small businesses with <br />increased access to capital and essenƟ al business <br />support services. The program, developed by the <br />City in partnership with 1st Source Bank and the <br />North Central Indiana Small Business Development <br />Center (ISBDC), will be available to businesses <br />located within the City of South Bend in early <br />2025. The City is commiƫ ng $1 million over the <br />next three years to support the Opportunity <br />Fund, reinforcing its commitment to fostering <br />economic growth and entrepreneurship within the <br />community. The program provides parƟ cipaƟ ng <br />businesses with personalized coaching from ISBDC <br />and access to aff ordable small business loans (up <br />to $30,000) through 1st Source Bank. <br />OPPORTUNITY FUND