Industrial Revolving Loan

The Industrial Revolving Loan Fund (IRF) provides low-interest gap financing to help companies in South Bend expand their operations and facilities, and to assist start-up companies in the area.

IRF interest rates are generally below market and fixed. IRF loans are intended to supplement traditional financing sources. The preferred financing structure is:

  • Bank: 57%
  • IRF: 33%
  • Borrower: 10%

Uses

The Industrial Revolving Loan Fund program can be used to finance the following activities:

  • Purchase of real estate and construction of buildings
  • Acquisition of equipment, machinery, supplies or materials
  • Working capital based on individual review

Eligibility

Businesses eligible for Industrial Revolving Loan Fund assistance include:

Businesses located in South Bend and operating in the manufacturing, transportation, communication, wholesale trade and service sectors.

The minimum IRF loan is about $100,000 with the maximum being $750,000

Contact

For more information about IRF, contact Angelina Billo at 574.235.5838.