Through efforts to support small businesses across the Indianapolis region affected by the impact of COVID-19, the Indy Chamber announced a $100,000 commitment from Fifth Third Bank to its new lending partnership with Bankable, powered by the Flagship Enterprise Center of Anderson, Indiana. This unprecedented regional approach to small business lending was borne of the need for quick response and prioritization of small business owners in securing federal assistance, and brings together Bankable’s ability to process forgivable Payment Protection Program loans with the Indy Chamber’s network of businesses and lending capital.
“Our team is leaving no stone unturned in getting financial resources in the hands of small business owners,” notes Indy Chamber President and CEO Michael Huber. “This new agreement with Bankable, bolstered by community partners like Fifth Third Bank, provides our small business community another avenue to weather this storm.”
Just a few short weeks ago, the Indy Chamber announced its Rapid Response Loan Fund alongside the City of Indianapolis and major private and philanthropic investors. These small business loans of $1,000-$25,000 can provide a financial bridge until federal assistance is processed and distributed. Today’s announcement takes a giant leap forward by positioning the Indy Chamber’s Business Ownership Initiative to partner with Bankable to fulfill federal Payment Protection Program loans available through the U.S. Small Business Administration.
“Unprecedented times call for an unprecedented response and we are feeling inspired by the efforts of the Indy Chamber to coordinate desperately needed small business support funds from organizations like Fifth Third Bank,” said Bankable Executive Director, Adam Hoeksema. “Bankable is honored to join in this effort and align the strengths of our partnering organizations so together we can help small businesses reach clearer waters.”
This new partnership is supported by investors like Fifth Third Bank, which today committed $100,000 to the joint venture.
“Fifth Third Bank is extremely proud to award $100,000 to the Indy Chamber in support of the Rapid Response loan program, which seeks to fund our region’s most vulnerable businesses through vital bridge loans to keep their companies moving forward. We appreciate and continue to encourage the innovative and collaborative thinking happening at every level within our community and applaud the Indy Chamber for helping to lead the way,” shares Kevin Hipskind, Fifth Third Bank Regional President.
Hipskind continues, “As we continue to partner during the many months ahead, the Bank will work in tandem with the Chamber to provide additional funding and resources as our community continues to weave together a better and brighter tomorrow.”
Today’s financial commitment brings the Indy Chamber’s total loan fund to $6 million in just a few short weeks. Response thus far has been tremendous, as over 900 loan inquiries totaling just over $17 million would be needed to fulfill the current demand. The Indy Chamber is challenging major regional employers, institutions, and philanthropies to help close this gap. Funders such as the City of Indianapolis, Anthem, the Dean & Barbara White Family Foundation, the Capital Improvement Board, the Indianapolis Bond Bank, IMPACT Central Indiana, First Internet Bank, LISC Indianapolis, and now Fifth Third Bank have already responded to this call.
More information on this loan fund and COVID-19 small business support is available at https://www.response.indychamber.com.