(INDIANAPOLIS) – The Indy Chamber announced a new partnership today with locally-based peer lending community The Halo App to help capital-constrained small business owners purchase necessary personal protective equipment (PPE) and other improvements to keep employees and customers safe while reopening. This new partnership will allow for short-term loans of up to $1,000 for some of Marion County’s smallest businesses to obtain these products or services, and then quickly be reimbursed via Ready to Restart, an initiative of Mayor Joe Hogsett and the City of Indianapolis, administered through the Indy Chamber.
“The Indy Chamber and The Halo App share a common goal in providing capital to entrepreneurs who might not otherwise have access to traditional financial institutions,” mentioned Ian Nicolini, Vice President of Indianapolis Economic Development for the Indy Chamber. “As we’ve processed numerous Ready to Restart Grant applications over the last few weeks, several very small employers mentioned that in order to reopen, they would need a small financial infusion to do so. Our new partnership with The Halo App provides just that.”
The Indy Chamber through its agreement with the City of Indianapolis has awarded over $600,000 in Ready to Restart grants of up to $5,000 to 189 businesses since the program’s inception last month. Since the $5 million city fund is distributed on a reimbursement basis, businesses without a source of capital might be at risk of not reopening or doing so with fewer safety precautions. Small loans from The Halo App serve as a pivotal bridge to make necessary improvements and take advantage of the Ready to Restart reimbursement. More information on eligibility and how to get started is available at www.thehaloapp.com.
“The Halo App’s mission has always been to support those who are economically exploited,” stated Taylor Simpson, Chief Executive Officer of The Halo App. “We are proud that the Indy Chamber recognizes the plight of small businesses during this pandemic, and is intentionally including underserved groups in this opportunity. We hope many other organizations follow suit.”
This new partnership with The Halo App adds to an expansive response from the Indy Chamber to address the small business impact of COVID-19. In addition to today’s announcement and the activities of Ready to Restart, Chamber efforts to date have included the closing of over $4.1 million in Rapid Response Loans with the support of the City of Indianapolis and numerous private and philanthropic investments, a partnership with Bankable to close $3.1 million in federal Paycheck Protection Program (PPP) loans, the triage of over 400 inquiries from business owners on local ordinances and resources through its Rapid Response Hub, the connection of over 600 job seekers to available job opportunities with over 70 employers via its Rapid Response Talent initiative, over 6,500 registrants for more than 60 Virtual Town Hall events, and the creation of a “Buy Indy” local business support campaign.