When the Paycheck Protection Program was announced on March 27, 2020, many lenders scrambled to secure funding and create processes. When it was clear that BOI could secure that funding and Bankable could create the process, it made sense to create a partnership to help many businesses stay afloat in the unprecedented times of COVID-19. During the two rounds of Paycheck Protection Program loans, Bankable and BOI partnered to provide $5,964,988.53 to small businesses in Indianapolis. BOI was able to work with the applicants during the initial intake and create the application, then handing off to Bankable to determine eligibility and submit to the Small Business Administration portal.
Many critics of the Paycheck Protection Program cited the fact that many underserved areas and businesses were unable to receive funding with this government program. Bankable and BOI worked hard to fill the gap that was left out from that funding from other lenders. Out of the 317 loans made during this partnership, 171 loans were made to minority owned businesses, specifically 136 of those loans were made to Black-owned businesses. 170 were made to woman owned businesses and 155 were made to LMI areas. Bankable is currently working on PPP loan forgiveness to ensure that the small businesses will not be burdened with additional debt during these trying times.
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