(INDIANAPOLIS) – Today the Indy Chamber announced a $250,000 commitment from Glick Philanthropies to its Rapid Response Loan Fund in support of small businesses affected by the impact of COVID-19. Administered by the Indy Chamber’s Business Ownership Initiative and partners, this loan product of $1,000-$25,000 can be used to pay employee salaries, insurance premiums, or as a bridge loan until additional funding kicks in from financial institutions or other federal assistance.
“More than 70 years ago, Gene and Marilyn Glick started a small business that became the Gene B. Glick Company thanks to support from the Indianapolis community,” said David Barrett, vice chairman, president and CEO of the Glick Family Foundation. “We hope assistance from Glick Philanthropies will help bridge the financial gap that so many small businesses are facing so they can continue to build community and create opportunity in our city.”
To date, the Indy Chamber has closed over $1.3 million in loans from its current $6 million fund at an average of $19,000 per loan. Just over half of these closed loans were to minority-owned or women-owned businesses. While much progress has been made, the demand for financial assistance from small businesses has been tremendous.
“The Indy Chamber and Glick Philanthropies share a commitment to economic opportunity for all members of our community,” said Indy Chamber President and CEO Michael Huber. “The investment announced today will give small business owners the opportunity to survive this pandemic and continue to strengthen the fabric of our neighborhoods across the Indy region.”
More information on Rapid Response Loans and small business resources is available at response.indychamber.com.