City Of South Bend Opens Pre-Screening For Revolving Loan Fund

South Bend IN

06 January, 2021

3:56 PM

Description

From the City of South Bend: January 6, 2021 The City of South Bend has opened an online pre-screening for prospective applicants to the new loan program to help small businesses impacted by the COVID-19 pandemic. The U.S. Economic Development Administration announced earlier this year an award of $7.7 million for the City to administer a new Revolving Loan Fund (RLF) to make loans to local businesses. "Our local businesses are fighting hard but need more to prevail through this difficult economic climate," said Mayor James Mueller. "These loans, in addition to more support from Congress, will boost our recovery and help us get back on track." The funds will be used to provide low-interest financing for companies impacted by COVID-19 and located in South Bend to restart, maintain, or expand their operations and retain their employees. The program is being administered by the Department of Community Investment. "This new Revolving Loan Fund aims to expand our loan programs to small- and medium-sized businesses," said Executive Director of Community Investment Santiago Garces. "This new tool will enhance the resilience of the economy and the livelihoods of our residents, so we can continue our City's comeback with prosperity and dignity to all." Businesses interested in learning more about the loan program and how to apply should fill out the online pre-screening form at www.southbendin.gov/RLFrecovery. Businesses with questions about the pre-screening form can email [email protected]. This press release was produced by the City of South Bend. The views expressed here are the author's own.