The Indy Chamber is partnering with local peer lending company The Halo App to help financially-strained small business owners keep employees and customers safe while reopening. The chamber says the new partnership allows for short-term loans up to $1,000 for personal protective equipment and other necessary improvements.
The chamber says businesses will be quickly reimbursed for PPE purchases via Ready to Restart, an initiative of Mayor Joe Hogsett and the city of Indianapolis.
“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,” said Ian Nicolini, vice president of Indianapolis economic development at 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.”
Through its agreement with the city, the chamber says it has awarded over $600,000 in Ready to Restart grants of up to $5,000 to 189 businesses since the program began last month.
Since the $5 million city fund is distributed on a reimbursement basis, the Indy Chamber says businesses without capital could be at risk of not reopening. Small loans from The Halo App serve as a bridge to make necessary improvements and take advantage of the Ready to Restart reimbursement.
“The Halo App’s mission has always been to support those who are economically exploited,” said 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.”
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