What is Industrial Revolving Loan?
The Industrial Revolving Loan Fund (IRF) provides low-interest gap financing to help companies in South Bend expand their operations and facilities, and to assist start-up companies in the area. IRF interest rates are generally below market and fixed. IRF loans are intended to supplement traditional financing sources. The preferred financing structure is:
- Bank 57%
- IRF 33%
- Borrower 10%
Where is the Industrial Revolving Loan provided?
The Industrial Revolving Loan Fund (IRF) program works with companies in the City of South Bend. The program can be used to finance the following activities:
- Purchase of real estate and construction of buildings
- Acquisition of equipment, machinery, supplies or materials
- Working capital based on individual review
Who has access to the Industrial Revolving Loan?
Businesses eligible for Industrial Revolving Loan Fund (IRF) assistance include:
- Businesses and Developers located in South Bend and operating in the Manufacturing, Transportation, Communication, Wholesale trade and Service Sectors.
The preferred minimum IRF loan is $100,000.