The Indy Chamber has received a $250,000 donation to its Rapid Response Loan Fund from Glick Philanthropies. The chamber’s Business Ownership Initiative administers the fund, which allows businesses to use $1,000 to $25,000 to pay salaries, insurance premiums, or as a bridge loan before additional funding becomes available.
“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.”
The Indy Chamber has, so far, closed over $1.3 million in loans from its $6 million fund, with an average loan of $19,000. Over half of the closed loans were awarded to minority and female-owned businesses.
More information on Rapid Response Loans and resources for small businesses can be found here.