The mission statement reads, “Bankable is a nonprofit lender that seeks to create opportunities for all entrepreneurs in Indiana by providing access to capital, financial education, and economic resources to build healthy small businesses.” But what is Bankable, really?
Most often our clients come to us as a referral from different banks across Indiana. Often times, the bank really would like to connect the small business with necessary financing but for reasons like damaged credit, being a start-up, or lack of collateral they have to pass for the time being. Bankable’s loan standards do not require traditional underwriting minimums for things such as credit or collateral (although they definitely help!) and work with entrepreneurs at all stages of business for amounts up to $250,000. So, Bankable serves as a solution for financing when there is a gap before a business is ready for traditional bank financing.
The partnership that exists between Bankable and referring organizations is built to create a seamless transition from the bank to Bankable and then back to the bank once the business is ready. These referrals are successful due to regular communication between all three parties and the ability for a referral partner to track the borrower’s business growth through our program. Ultimately, we are all working to do what is in the best interest of the borrower and that means having the right financing partner in place based upon the stage the business is in.
Aside from our ability to be flexible with our loans and lending standards, we work with clients to develop their business in the areas that they may not have the time, know-how, or resources necessary. The Technical Assistance program makes the experience and talent of the Bankable team available to the small business owner, because let’s face it.. most small business owners are passionate about their service or product and could use a hand when it comes to the other stuff. After loan repayment history is established and we have a chance to monitor the business’ development, the business is reconnected with the bank that made the referral.
In the words of Kyle Fawcett, Loan Officer and Business Advisor, “Bankable means we are holding ourselves accountable for doing whatever we can to truly help businesses and prepare them for the bank. We don’t compete with banks, rather we partner with them for the benefit of the small business owner. We are here to be a financial resource for small businesses to secure affordable financing, provide real business guidance, and to be there rooting for our clients in a tough world of small business.”
Simply put, we’re here to make our clients Bankable.
For more information about our loan program and process, click here.