We know that this is a very odd and uncertain time in regards to the state of the local, national, and global economy. We are very aware that those who are being impacted the most during this difficult time are small businesses owners and entrepreneurs. We at Bankable will be doing our best to support small businesses the best way we can by being an information hub, developing more relief resources, providing direct advice, and sharing important updates of other relief resources. As of right now, here are a few things to be aware of but we will continue to update this page and send out information directly.
Guide to SBA 7(a) Paycheck Protection Program (and more!) supported by the Federal CARES Act stimulus package
- The loans will be processed by SBA lenders such as your bank, Bankable, and other approved CDFI's
- The bill provides increases “guarantees” from the federal government that encourage lending institutions to continue lending and to be more lenient on decision making but does not mean automatic approvals
- A portion of the loan can be forgiven for funds used for eligible purposes including payroll costs, interest on mortgage payments, rent, & utilities within a specific time range
- SBA fees typically associated with these loans will be waived
- Maximum interest rate of 4%
- SPECIAL NOTE: These new programs require additional guidance from the SBA which is estimated to take 1-2 weeks following when the bill was signed
- Interested applicants should contact us or your bank directly. We will share application process and requirements as we have updated guidance from the SBA
The button below will direct you to a PDF just released by the Small Business Roundtable in partnership with the SBA and the Senate Small Business Committee. This PDF is a "'Small Business Owners' guide to the CARES Act" and does a nice job of outlining the known information about the new federal programs and some FAQs
What Financial Relief Programs is Bankable Offering?
We have already experienced and expect to continue to see more requests and applications for funding related to this difficult time and the impacts on small business. In Addition to offering SBA loans discussed under the CARES Act, Bankable is also working on the following resources for businesses in the state of Indiana.
- For businesses seeking relief or aid as a result of COVID-19 impact we are launching a new program called the Bankable QuickBridge loan that will provide funding for businesses that are still open and still have demand for their product or service, but cash flow is challenged due to a drop in sales, slow pay from customers, delayed purchase decisions, and more.
- For businesses who have had to close or temporarily shut down due to the COVID-19 but are looking to reopen as the country/economy nears the end of the crisis and need help with inventory, initial payroll, resume rent, and other overhead obligations, we are working on the Reboot loan to help.
Bankable QuickBridge Loan
- All closing fees waived
- Limited documentation needed
- Stream lined fast review process
- Be advised, this application is built for our normal application process so please follow the guidance of your loan officer and the items they tell you they need. We will move as fast as possible and will help the best way we can.
Bankable Reboot Loan
- All closing fees waived
- Limited documentation needed
- Preapprovals provided
- This program is still in development but interested parties are able to submit an application to get started
SBA Economic Injury Disaster Loans now open for Indiana Small Businesses!
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses and nonprofits suffering substantial economic injury as a result of the Coronavirus (COVID-19).
- Follow this walkthrough guide to submit an application and learn more! https://docs.google.com/presentation/d/10xcljddD7Z9n1zs1qmecChHWEPjb9AaEwW4TrDpCbQ4/edit#slide=id.p
- Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact
For Borrowers who have a loan with Bankable
We’d like to communicate with you directly to understand what the impact has looked like for your business so far. Our team is prepared to take all calls so that we can provide the best advice possible which we fully understand may include challenges with making payments on your loan(s) with Bankable. Contacting us to discuss challenges with your business will give our team the ability to explore all relief options available to try and help.
- Please contact your Loan Officer or point of contact at Bankable. Or call our mainline or email us and you will be directed to the right person - 765-356-9100 or firstname.lastname@example.org
Not a Bankable client but want to stay in the loop on new information and resources?
Complete the form below to subscribe to an email list that will only be used to share updates in regards to Coronavirus (COVID-19), small business relief resources, and how Bankable will be trying to help as we have more information.
Thank you for your time and we will update this page and send emails as we have more information.