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South Bend Revolving Loan Funds

The City of South Bend operates two revolving loan funds in support of local businesses. The first was formed under the City in the 70s in response to the closure of the Studebaker Corporation and other local manufacturing companies.  Formerly called the Industrial Revolving Loan Fund, this fund was re-branded and opened to a wider range of businesses in 2022.  This fund now operates as the Revolving Business Enterprise Fund.  The second was formed as a result of the CARES Act and in response to the COVID pandemic.  This fund is called the Revolving Loan Fund II. Despite the different natures of the programs, the underlying terms and conditions are virtually identical and applicants are routed by City staff to the program that best fits their financing needs.

The Revolving Loan Funds offer commercial loans at a fixed rate which is generally below the market rate.

The Revolving Loan Funds seeks to enhance the landscape of industry and opportunity in South Bend. The City thrives by attracting innovation, entrepreneurship, and employment opportunities. To that end, the Fund exists to encourage growth and expansion for new and existing businesses in South Bend.


What are the Revolving Loan Funds?

The Revolving Loan Funds provides gap and primary financing to private borrowers and start-up businesses in the City of South Bend. It works for your business and may help your business grow when traditional financing may not be available.

Our loans often carry a better interest rate and term of repayment than conventional lenders will offer. Our loan terms are flexible - up to 20 years for real estate, 10-years for equipment, and 3-years for working capital.  Loans range from $50,000 to $1.5 million, and are subject to review and must meet certain eligibility requirements.


What Services do the Revolving Loan Funds provide?

The South Bend Revolving Loan Fund program works with companies in the City of South Bend. The program can be used to finance the following activities:

  • General Business Needs
  • IT Equipment
  • Industrial Machinery
  • Logistical Equipment
  • Research and Development
  • Real Estate
  • Building Renovations and Extensions
  • Land
  • Warehousing
  • And more.....


Who is Eligible?

  • The applicant is located in the City of South Bend
  • Must meet certain minimum capital/equity requirements
  • Evidence demonstrating credit is not otherwise available
  • Loan financing must lead to job creation and/or retention


What is Required?

  • Business Tax Returns
  • Personal Tax Returns
  • Business Formation Documents
  • Business Plan
  • Personal Financial Statement
  • Other documents may be required, contingent upon the type of financing requested.


How do I find more information on South Bend Revolving Loan Funds?

For More Information on Revolving Loan Funds: Contact the Department of Community Investment - Business Development at 574-235-5836

Incentives and Grants Information

Application