Is your business having a hard time getting approved for a loan? Do you need working capital to keep your startup business going?
The City of South Bend wants to help your business grow and expand. The Revolving Loan Fund (RLF) is your solution for obtaining working capital, equipment and machinery, and acquiring real estate.
If your business is ready for launch or growth – and traditional funding is not available – the Revolving Loan Fund can help. We partner with local banks and financial organizations to provide gap financing for burgeoning businesses in the City of South Bend.
LOAN OPTIONS (GENERAL BUSINESS, EQUIPMENT, REAL ESTATE)
The Revolving Loan Fund provides gap and primary financing to private borrowers and start-up businesses in the City of South Bend, IN. It works for your business to equalize the playing field and offer an enhanced return on investment financing.
Our loans often carry a better interest rate and term of repayment than conventional lenders will offer. RLF loan terms are flexible – up to 20 years for real estate, 10-years for equipment, and 3-years for working capital. Loans range from $100,000 to $1.5 million, subject to fluctuation.
WHO IS ELIGIBLE?
The most important qualification, for a loan through the RLF of South Bend, is dedication and commitment to your business. We look for businesses with an experienced and passionate executive team. Set forth a solid, realistic business plan or expansion strategy.
HOW IT WORKS
Schedule a phone consultation with a loan specialist to discuss your project and your business.
IDENTIFY NEEDS
The City of South Bend wants your business to succeed, and the RLF is here to help make that happen. It begins by identifying your business’s financial needs.
What is your project and for what will the loan be used? Make a conclusive list, documenting the need for funds, what the funds will be used for, and the projected change to workflow/output.
Contact the Department of Community Investment to submit your application and accompanying documentation. Your application process includes a credit review and recommendation for all principal entities on the loan application. The application process begins with a discussion on your project and collateral.
IT ALL STARTS WITH A SOLID BUSINESS PLAN
Successful applicants present a business plan that is supported by research and an industry-established trajectory to success. An applicant should be willing to hazard equities of their own – in good faith to all parties. And, the best applicants present a convincing argument for their businesses’ demand in the marketplace.
CONTACT US (GET APPROVED)
Are you ready to take the next level with your business venture? The Department of Community Investment is ready to get you there. A business development professional is standing by to guide qualified borrowers through the RLF application process.
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