CFSB Hosts Virtual Emergency Assistance Fair

CDFI Friendly South Bend and the City of South Bend held an online Emergency Assistance Fair for 150 local small businesses on April 17th to match CDFIs and banks with business owners. Four CDFIs participated, offering loan products targeted for businesses that are not participating in the Small Business Administration’s Paycheck Protection Program (“PPP”). Five banks and credit unions were on hand to discuss PPP and Economic Injury Disaster Loans, as well as flexible options for existing debt obligations. 

At the event, South Bend Mayor James Mueller announced $600,000 in grants to two of the CDFIs—Accion Serving Illinois & Indiana and Bankable—to leverage their lending. He said the Fair is, “helping our local businesses weather this economic storm.” 

The Fair included a general session, at which the Mayor, the CDFIs, and local bankers spoke, and break-out sessions. In the breakouts, business owners could talk directly to each of the financial institutions about what financing is available and how to apply. The event agenda is available for download.

CFSB and the City of South Bend distributed a resource guide detailing each product available to small businesses and giving contact information for applying.

“CDFIs are often on the front lines of economic crisis,” explained Sonja Karnovsky, interim Executive Director of CDFI Friendly South Bend (CFSB). CFSB is still in its startup phase after extensive community planning but it was still able to move quickly and convene the Emergency Assistance Fair. According to Mayor Mueller, “that groundwork has opened the door to providing these relief options.”

Jeff Rea, president and CEO of the South Bend Regional Chamber of Commerce, praised the Fair. He explained how badly that South Bend and other area communities are being hurt by the crisis and offering clear access to financial resources is vital to support business owners.