Bankable Receives 5 Million Dollars to Help Indiana Small Businesses
PNC Bank has loaned 5 million dollars to Bankable to help fund the Paycheck Protection Program Loan put in place to help small businesses across Indiana who have been affected by the COVID-19 outbreak. Bankable has used these funds to give small businesses access to the financial support they cannot get from traditional banks.
PPP loans are put in place as an incentive to keep employees on payroll. As long as workers are kept on payroll for 8 weeks and the funds are used for payroll costs, interest on mortgages, rent, and utilities the loan will be forgiven. This is a great opportunity to help small businesses recover from the impact of COVID-19.“The funds have actually already been deployed to help Indiana small businesses secure PPP loans,” said Adam Hoeksema, Executive Director at Bankable, “with the help of the $5 million in loan funding from PNC, we were able to assist 301 small businesses.” Bankable loaned out an average of $26,000 dollars per business. Most of the funding went to underserved small businesses including 30% to women-owned businesses, 35% to businesses in low to moderate-income census tracts, and 38% to minority-owned businesses. Bankable is determined to continue helping small businesses and this low-rate loan from PNC is a step in the right direction.
Bankable is a nonprofit organization that is focused on the economic development of Indiana communities through the creation, growth, and sustainability of jobs through small businesses. This is done by equipping under-served small businesses with capital solutions, business development resources, and meaningful mentorship so they can become bankable. Started in 2010, Bankable is a certified SBA microlender, SBA Community Advantage Lender, and a CDFI.