Anderson-based nonprofit Bankable is celebrating milestones of disbursing $25 million in loan funds to 750 Indiana small businesses. The organization provided 50 loans to 50 unique businesses in just under three months, and under-served businesses accounted for 67 percent of all loans made.
The $25 million loaned helped start 100 new businesses and hundreds of others have grown with the capital and credit-building coaching offered by the organization. Bankable says nearly 51,000 staff hours of technical help to clients continues to grow businesses, with existing borrowers receiving access to the program without charge, in the hopes of the businesses being able to secure funding from a traditional bank in the future.
They offer loans up to $250,000 with clients who need capital and are not able to secure funding from traditional banks. Small businesses are only required to apply to be considered. The certified SBA microlender started in 2010.