by: Alex Brown, Inside INdiana Business
Posted: / Update:
ANDERSON, Ind. (Inside INdiana Business) – Anderson-based Bankable launched Indiana’s black-owned business loan fund. The nonprofit community development financial institution says the fund aims to reduce the wealth gap between white and black families “by unleashing the wealth-creating power of entrepreneurship.”
Bankable says the fund will provide several benefits to black-owned businesses, including making loans more accessible by providing fair financing and business development support; provide financial support to businesses affected by the pandemic, especially those that have not benefited from federal relief funding; and help small businesses build a positive credit history, build accurate financial reports and achieve profitability.
“We are grateful to be able to use SBA grants [Small Business Administration] and CDFI [Community Development Financial Institution] Fund to be able to support black-owned Indiana businesses that are unable to obtain traditional bank financing, ”Adam Hoeksema, executive director of Bankable, said in a press release. “These grant funds will allow us to approve more loans and waive all closing costs for qualifying businesses.”
Bankable says the fund will provide loans of up to $ 50,000 to eligible businesses. Business owners interested in the loan fund can find more information by clicking here.