ANDERSON, Ind. (Inside INdiana Business) — Anderson-based Bankable has launched the Indiana Black-Owned Business Loan Fund. The nonprofit community development financial institution says the fund aims to narrow the ongoing wealth gap between white and Black families “by unleashing the wealth building power of entrepreneurship.”
Bankable says the fund will provide several benefits for Black-owned businesses, including making loans more accessible by providing fair financing and business development support; providing financial support to businesses impacted by the pandemic, particularly those that missed out on federal relief funding; and helping small businesses build a positive credit history, completing accurate financial reporting and reaching 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,” Adam Hoeksema, executive director of Bankable, said in a news release. “These grant funds will allow us to approve more loans and waive all closing fees for eligible businesses.”
Bankable says the fund will provide loans of up to $50,000 for eligible businesses. Business owners interested in the loan fund can find more information by clicking here.