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