As of Oct 30, 2019, Bankable has met two great milestones. The company has disbursed 25 million dollars in loan funds to 750 small businesses in Indiana. In under three months, Bankable provided 50 loans to 50 unique small businesses in different industries all over the state. 67 percent of all loans were made to an under-served business such as any minority, woman, veteran-owned, or businesses located in a low-income census tract.
By lending out $25 million dollars in loans, there have been a hundred new businesses started and several hundred developing businesses grown. Not only do they receive capital, but they also receive coaching about how to build their credit, secure future capital, increase financial literacy, and grow sound business foundations to make them Bankable for the future.
Currently, Bankable has spent 50,928 staff hours of technical assistance with clients to continue to grow their businesses. Existing borrowers receive access to this program automatically and free of charge. This is part of Bankable’s mission to grow businesses to the point where they can qualify for future funding from banks.
Bankable offers affordable loans up to $250,000 by working with clients who are in need of capital and are unable to secure funds from a traditional bank. For a small business to receive a loan, all they have to do is fill out an application to be considered.