ANDERSON, IN [September 21, 2022] — One year ago today, Bankable launched a new loan fund coined the “Indiana Black-Owned Business Loan Fund.” The fund was designed to support Black-owned businesses throughout Indiana by providing them with the resources necessary to secure safe and affordable capital, as well as access to a range of business development support services.
Bankable formed the loan fund as an attempt to narrow the ongoing wealth gap between White and Black families in the United States. By providing a specific avenue for Black entrepreneurs to attain funding, this loan fund reduces the biases that can occur within lending practices.
The three key advantages of the Indiana Black-Owned Business Loan Fund are:
• Capital Accessibility - The fund makes loans more accessible to Indiana Black-owned businesses by providing fair financing and business development support.
• Business Support - The fund provides financial support to businesses impacted by the COVID-19 pandemic, especially for those who missed out on funding from federal relief programs.
• Financial Improvement - The fund helps small businesses become “bankable” by building positive credit history, completing accurate financial reporting, and reaching business profitability.
“Running a small business is a challenge across the board. One of the biggest challenges for Black-owned businesses to flourish is access to capital. Bankable’s Indiana Black-Owned Business Loan Fund works toward improving access to capital by providing a loan fund designed specifically for Black-owned businesses.”
— Terry Truitt, President & CEO of Bankable, Powered by Flagship
Since the launch of the Indiana Black-Owned Business Loan Fund last September, Bankable has served 70 unique clients in 11 counties throughout the state. Just before the one year anniversary of the loan fund, Bankable hit a major milestone with the initiative, lending over $1 million since launching. This milestone could not have been reached without the support of Bankable’s funders.
Additionally, a recent grant with the National Urban League and Indianapolis African American Quality of Life Initiative (IAAQLI) partnership will allow Bankable to deploy an additional $2 million to Black-owned businesses.
Eligible business owners can apply at www.bankable.org/.