Loan fund geared toward Black-owned businesses surpasses $1M in disbursements

Sep. 21—ANDERSON — Bankable's loan fund to support Black-owned businesses in Madison County and elsewhere in Indiana celebrated a significant milestone that nearly coincided with its first anniversary Wednesday.

A recent closing pushed the fund over the $1 million mark in money disbursed during its first year.

The fund, launched on Sept. 21, 2021, has provided capital to 70 clients in 11 counties throughout the state. It's designed, executives noted, to support Black-owned businesses by providing them with resources necessary to secure safe and affordable capital, in addition to a range of business support services.

"Running a small business is a challenge across the board," said Terry Truitt, president and CEO of Bankable. "One of the biggest challenges for Black-owned businesses to flourish is access to capital. The Indiana Black-Owned Business Loan Fund works toward improving access to capital by providing a loan fund designed specifically for Black-owned businesses."

Truitt cited the fund's success in making loans more accessible to Black-owned businesses, as well as its resources that have helped businesses build positive credit history, complete accurate financial reporting and reach profitability.

According to a news release, a recent grant from the National Urban League and a partnership with the Indianapolis African American Quality of Life Initiative will allow Bankable to direct an additional $2 million to Black-owned businesses.

Follow Andy Knight on Twitter @Andrew_J_Knight, or call 765-640-4809.