The City of South Bend has launched a new fund to provide to provide additional financing for small-scale developers focused on rehabilitating vacant buildings.
Through the program, loans of up to $500,000 can be extended for qualified redevelopments. Preference will be given for projects located on the major corridors within South Bend, but all commercial buildings within the City that meet the program requirements are eligible.
To qualify, revitalization projects must meet certain requirements, and loans through this fund must be matched by additional capital, including financing by a traditional lender. If approved, the loan can provide funds of up to 40 percent of the total project costs.
To assist in administering the program, the City has partnered with the Business Development Corporation, a designated Priority Certified Development Company by the U.S. Small Business Administration. Founded in 1982, the BDC supports entrepreneurs and business owners with the goal of stabilizing and revitalizing local communities.
To learn more about the Vacant Building Credit Enhancement Fund, please call 311 or visit www.southbendin.gov/south-bend-neglected-building-enhancement-fund or www.bdcloan.com/south-bend-vacant-building-credit-enhancement-fund.
