The City of South Bend has announced the South Bend Opportunity Fund.

It’s a program to provide small businesses with access to capital along with technical assistance and coaching.

Partnering with 1st Source Bank and the North Central Indiana Small Business Development Center, the City will provide $1 million in support of the program over the next three years.

Through the program, businesses receive customized, one-on-one coaching and a readiness assessment for a small business loan at a lower interest rate from 1st Source Bank.

They anticipate that applications will begin being accepted in January of 2025, and certain conditions and eligibility will apply.