City of South Bend to receive $ 7.7 million for small business loans

SOUTH BEND, Ind. – The US Economic Development Administration is allocating South Bend $ 7.7 million for a new revolving loan fund to provide loans to small businesses affected by the pandemic.

This award is part of the $ 16 million allocated to cities in Indiana.

“This EDA award is a testament to the City’s success with the Industrial Revolving Loan Fund over several decades. Given the difficult economic environment amid the COVID-19 pandemic, this funding increase will help fuel our economic recovery, ”said Mayor James Mueller.

South Bend receives the top prize of all and will be used to provide low interest financing to help businesses start, maintain and grow their operations and facilities.

“Small businesses are at the heart of so many of our communities, and these funds are an investment in the future of our people and our cities. I am proud of the work our federal partners are doing to ensure that entrepreneurs receive the support they need so their businesses can continue to serve Hoosiers for years to come, ”Governor Eric Holcomb said.

The City will submit its plans for the fund to EDA over the next two months before receiving the award.

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