BUSINESS FINANCING · IN

Business Financing Guide for St. Joseph County, Indiana

This guide helps solo contractors, small business owners, and real-estate investors in St. Joseph County, Indiana understand their financing options — from local credit unions and CDFIs to SBA-backed lenders and ITIN-friendly programs. We focus on the local institutions that actually serve Michiana, not just national programs. Whether you're just starting out or looking to grow, the right lender is closer than you think.

§ 01 — What it is

What Is Business Financing?

Business financing is money you borrow — or receive as a grant — to start, run, or grow a business or investment property. It comes in several forms: • **Term loans** — You borrow a fixed amount and repay it in regular installments over a set period. Good for equipment, vehicles, or property. • **Lines of credit** — A flexible pool of money you draw from as needed and repay. Good for managing cash flow. • **Microloans** — Smaller loans (often under $50,000) designed for new or very small businesses. Many CDFIs in Indiana specialize in these. • **SBA-backed loans** — Loans made by local banks but partially guaranteed by the U.S. Small Business Administration. This reduces the risk for the lender, which can mean better terms for you. • **Equipment financing** — A loan specifically tied to the equipment you're buying, which serves as the collateral. • **Real estate investment loans** — Used to purchase, renovate, or refinance income-producing properties. Financing is not free money — you will repay it, usually with interest. But the right loan from the right local lender can help you build credit, grow your business, and create lasting stability. Take your time, compare offers, and never sign anything you don't fully understand.

§ 02 — Who qualifies

Who Qualifies in St. Joseph County?

St. Joseph County's economy is anchored by South Bend and Mishawaka, with strong sectors in advanced manufacturing, healthcare, education, construction, and a growing small-business corridor serving the Latino community along South Bend's West Side and Mishawaka's Main Street. **You may qualify for local financing if you:** • Operate or plan to operate a business in St. Joseph County • Are a sole proprietor, LLC, S-Corp, or other registered business entity • Have been in business at least 6–12 months (some lenders will consider startups with a strong plan) • Can show some personal or business credit history — or are willing to work on building it • Have an ITIN (Individual Taxpayer Identification Number) — several local lenders and CDFIs accept ITIN in place of a Social Security Number **Local economic context matters:** • Contractors in construction trades are in high demand — lenders here understand the seasonal cash-flow patterns of the trades. • The University of Notre Dame and Indiana University South Bend anchor a large student-services and hospitality economy — small businesses serving these communities are well understood by local lenders. • South Bend's revitalization has created opportunities in real estate investment, especially in the West Side and Near Northwest neighborhoods. • New Americans, including a significant Latino population, are active entrepreneurs. ITIN lending and bilingual support are available locally. Even if your credit is not perfect, do not assume you won't qualify. Many local CDFIs and credit unions work with people who have been turned down by traditional banks.

§ 03 — What you need

Documents You Will Typically Need

Having your paperwork ready before you apply will save you time and help you look prepared to any lender. Requirements vary by institution, but most will ask for some combination of the following: **For the business:** • Business plan (especially for startups or loans over $25,000) • Business bank statements — usually 3 to 12 months • Business tax returns — usually 1 to 2 years (if you've been in business that long) • Profit and loss statement (your income minus your expenses) • Business licenses and registrations (Indiana Secretary of State registration, local permits) • Contractor's license, if applicable **For you personally:** • Government-issued photo ID • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) • Personal tax returns — usually 2 years • Personal bank statements — usually 3 months • Personal credit report (lenders will pull this, but you can check yours for free at AnnualCreditReport.com first) **For real estate investments:** • Property address and purchase price or current appraisal • Rent rolls or lease agreements if the property already has tenants • Renovation cost estimates if you plan to improve the property **Tips:** • Keep digital copies of everything in a folder on your phone or computer. • If you file taxes with an ITIN, bring 2 years of ITIN-filed returns — many local lenders accept these. • If you don't have formal financial statements, a CDFI loan officer can often help you organize them before you apply.

§ 04 — Where to start in St Joseph County

Local Lenders, CDFIs, and Resources That Serve St. Joseph County

These are the institutions on the ground in Michiana. They know the local economy, and many have experience working with contractors, new Americans, and small investors. **CDFIs and Nonprofit Lenders** • **Edgewater Bank – Community Development Division (St. Joseph County footprint):** Works with small businesses in underserved markets, including those with limited credit history. • **Indiana Statewide CDFI (Indianapolis-based, serves statewide including St. Joseph County):** Provides microloans and small business loans, particularly for businesses that don't qualify at traditional banks. Contact them directly to ask about remote or local intake. • **Accessity (formerly Michigan CDFI, now serving Northern Indiana):** Offers microloans up to $50,000 for small businesses and startups, including ITIN borrowers. Bilingual support may be available. They have worked with Michiana-area businesses. • **Kiva South Bend (through Kiva U.S.):** Zero-interest, crowdfunded microloans up to $15,000. Designed for underserved entrepreneurs including those without traditional credit. South Bend has an active Kiva trustee network. **SBA District Office** • **SBA Indiana District Office (Indianapolis):** Covers all of Indiana including St. Joseph County. They do not make loans directly — they work through approved local lenders. Call them to get a referral to SBA-approved lenders active in St. Joseph County: (317) 226-7272. • **SCORE Michiana Chapter:** Free mentoring for small business owners, paired with retired executives. They can help you prepare a business plan and connect you with lenders. Based in South Bend. • **Indiana Small Business Development Center (SBDC) – North Central Region:** Serves St. Joseph and surrounding counties. Free one-on-one advising on financing, business planning, and loan readiness. Located at the University of Notre Dame's Mendoza College of Business ecosystem. Contact: (574) 282-4350. **Local Credit Unions** • **Notre Dame Federal Credit Union (NDFCU):** Headquartered in South Bend. Offers small business loans and lines of credit to members. Open to a broad membership base. Known for relationship-based lending. • **Horizon Credit Union (Midwest BankCentre affiliate, regional):** Serves small businesses in the Michiana area with personal and business products. • **Teachers Credit Union (TCU):** One of Indiana's largest credit unions, with branches in South Bend and Mishawaka. Offers business checking, small business loans, and lines of credit. Membership is open to many Indiana residents. **ITIN-Friendly and New-American Focused Lenders** • **Accessity:** Explicitly accepts ITIN for microloan applications — one of the strongest options for new American entrepreneurs in the region. • **Kiva U.S. (South Bend):** No SSN requirement for the crowdfunded portion; ITIN accepted. • **Some local community banks and credit unions** will consider ITIN borrowers on a case-by-case basis — always ask directly. Don't assume no before you ask. • **La Casa de Amistad (South Bend):** A Latino community organization on the West Side. While not a lender, they connect residents with financial education, tax prep (ITIN filing), and referrals to CDFI lenders. An excellent first stop for new American entrepreneurs. **City and County Programs** • **City of South Bend – Department of Community Investment:** Administers local small business grants and loan programs, particularly in target neighborhoods. Check their website or call (574) 235-9371 for current program availability. • **Ignition Park and South Bend Launchpad:** Support programs for tech-adjacent and innovation businesses in the county, with connections to local investors and lenders.

§ 05 — What to avoid

Indiana State-Specific Regulatory Notes

Understanding Indiana's rules protects you and helps you plan ahead. **Business Registration** • All businesses operating in Indiana must register with the **Indiana Secretary of State**. LLCs and corporations have a filing fee. Sole proprietors operating under their own legal name may not need to register, but a DBA (doing business as) name does require a county-level filing with the **St. Joseph County Clerk**. • Operating without proper registration can disqualify you from certain loan programs and government contracts. **Indiana's Usury and Lending Laws** • Indiana does not have a general small-loan interest rate cap at the level of some other states. This means high-rate lenders can legally charge very high rates on certain products. Always calculate the **APR (Annual Percentage Rate)** — not just the monthly payment — before signing. • Indiana's **Uniform Consumer Credit Code (UCCC)** governs most consumer lending but has limited reach over business loans. Business owners have fewer automatic protections than consumers. **Contractor Licensing** • General contractors in Indiana are not state-licensed, but **electricians, plumbers, HVAC technicians, and other specialty trades** require state certification through the **Indiana Professional Licensing Agency**. Having valid licenses strengthens your loan application. • St. Joseph County and the City of South Bend require local building permits for most renovation and construction work. Lenders on renovation loans will often verify permit compliance. **State-Level Business Support Programs** • **Indiana Economic Development Corporation (IEDC):** Manages state incentive programs. Smaller businesses can access the **Elevate Ventures** network, which links to early-stage capital and lender referrals. • **Indiana 21st Century Energy Jobs Program and other sector grants:** Contractors in energy efficiency and solar trades may have access to state-backed grant programs. Check with the SBDC for current availability. **Tax Identification** • Indiana requires businesses to register for state taxes with the **Indiana Department of Revenue**. You will need a federal EIN (Employer Identification Number) from the IRS — available free at IRS.gov. An EIN can be obtained with an ITIN as the responsible party.

§ 06 — Ask a question

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§ 07 — Part of The Legacy Bridge Network

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