COVID-19 Small Business Loans Available Through City Partnership

The City of Mishawaka has finalized its small business loan program aimed at providing loans to Mishawaka small businesses that have been hit hardest by the COVID-19 pandemic. The City has partnered with Lake City Bank to administer the loan program, and applications are available at or at the bank’s Mishawaka branch.

“This loan program is part of a multifaceted approach aimed at helping the people and businesses in Mishawaka weather the current crisis,” said Mayor Dave Wood. “The City has already allocated more than $280,000 in federal grant funding to help Mishawaka citizens with basic needs.” Federal grant funding is distributed through partnerships with local organizations including Real Services, the Mishawaka Food Pantry, the YWCA, School City of Mishawaka and the Boys and Girls Club.

In working with consultants Barnes and Thornburg, Baker Tilly, and partners at Lake City Bank, the small business loan program is designed for small entities that may not have alternatives to pay for carrying costs and expenses associated with pandemic. Funding for the $500,000 program came from refunding capital expenses from the City’s Tax Increment Finance District in order to not further impact other City tax revenues which are projected to be substantially lower based on the impact of the pandemic. The program was approved unanimously by the Mishawaka Common Council.

“We’re very proud to be working with our friends at the City of Mishawaka to support this program,” said David M. Findlay, President and Chief Executive Officer. “Under Todd Bruce’s leadership in the market, the Lake City Bank team will work closely with the City to help those businesses in the community who will truly benefit from the program.”

Loans are 0% interest for the first six months, with a $10,000 maximum loan amount. No payments are required for the first six months, with the balance paid over the following 18 months. The following are the basic qualifications of the program:

  • The company/organization must be located within the corporate limits of the City of Mishawaka.
  • The company/organization must certify that it believes funds from this program are critical in helping the company stay in business during the pandemic.
  • The company/organization must have been in business and operational as of February 15, 2020.
  • The company/organization must be an operating company/organization with annual gross revenues not in excess of $2,000,000 per year.
  • Determination of ineligible applicants is based on the definition of ineligible applicants (borrowers) for the SBA’s 7 (a) Loan Program. Ineligible businesses include those engaged in illegal activities, loan packaging, speculation, real estate investment firms, multi-sales distribution, gambling, investment or lending, religious organizations, or where the owner is on parole.
  • Charitable organizations, not for profits, service clubs, lodges and fraternal organizations are eligible only if they have a business address and commercial storefront and serve and/or are accessible to the general public.
  • The company/organization must indicate if it received money from either the Paycheck Protection Program (PPP) or the Economic Impact Disaster Loan (EIDL) program. If the applicant did, its application will be held until all applicants who have not received other such financial support are processed. The first round lasts through July 9, 2020. After the first round, applications that were held may be considered if funds remain
  • Credit worthiness will be verified by Lake City Bank. A minimum credit score of 620 is required to qualify.

Loans will be provided on a first come, first served basis until the funding runs out or the conclusion of the application period on December 21, 2020. Obtain applications at or in person at Lake City Bank’s Mishawaka Branch at 5015 North Main Street (574) 243-2650.

Lake City Bank, a $5 billion bank headquartered in Warsaw, Indiana, is the sixth largest bank headquartered in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 50 branch offices in northern and central Indiana, delivering technology-driven solutions in a client-centric way to individuals and businesses. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN). For more information visit