ANDERSON, IN [September 21, 2021] ─ Bankable is launching a new loan fund coined the “Indiana Black-Owned Business Loan Fund.” This loan pool is designed to support Black-owned businesses throughout Indiana by providing them with the resources necessary to secure safe and affordable capital, as well as access to a range of business development support services. The three key benefits of the Indiana Black-Owned Business Loan Fund are as follows:
• The fund will make loans more accessible to Indiana Black-owned businesses by providing fair financing and business development support.
• The fund will provide financial support to businesses impacted by the COVID-19 pandemic, especially for those who missed out on funding from federal relief programs.
• The fund will help small businesses become “bankable” by building positive credit history, completing accurate financial reporting, and reaching business profitability.
"We are thankful to be able to utilize grant funding from both the SBA [Small Business Administration] and CDFI [Community Development Financial Institution] Fund to be able to support Indiana Black-owned businesses that are unable to secure traditional bank financing. These grant funds will allow us to approve more loans and waive all closing fees for eligible businesses."
— Adam Hoeksema, Executive Director
History and data have shown that there is an ongoing measurable wealth gap between white and black families in the United States. This wealth gap can make it difficult for families or individuals to launch and grow a business. Bankable hopes to play a small role in narrowing the gap by unleashing the wealth building power of entrepreneurship.
Bankable’s current loan scoring model is based on numbers alone. The process was originally deemed as effective in avoiding biases related to ethnicity, careful not to contribute to the problem of racism within lending practices; however, the Bankable team desired to play a bigger role. Instead of being careful not to make the problem worse, Bankable wanted to help take part in the solution — starting with the Indiana Black-Owned Business Loan Fund. Eligible business owners can apply at www.bankable.org/.
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