Webinar: Indiana Black-Owned Business Loan Fund

CDFI partners with Bankable, TCU to close wealth gap

March 6, 2023 | South Bend, IN

On February 27, CDFI Friendly South Bend co-hosted a webinar to promote the new Indiana Black-Owned Business Loan Fund. 

Nearly three-dozen hopeful entrepreneurs registered to learn more about the loan program, created last September by non-profit lender Bankable. The program aims to close the wealth gap among communities of color by “unleashing the wealth building power of entrepreneurship.” 

The program offers loans of up to $50,000 with no closing costs, and requires no credit score minimum. In just its first year, Bankable has already loaned over $1,000,000 to black-owned businesses. Of 75 businesses served, 40 were women-owned, and 41 of were startups.

Also co-hosted by TCU, the webinar responded to the reality that many would-be entrepreneurs often require services and lending beyond what mainstream banking can offer. “One of the reasons why we partner with CDFI Friendly South Bend and with Bankable is because we identify that gap,” said Anne Feferman, VP of Business Development with TCU.  “We want to make sure that our members and people within our communities have the resources available to have a successful business.” 

At CDFI Friendly South Bend, “our focus is not just on getting capital-ready businesses financed,” said Executive Director Sam Centellas. “If you’re not yet capital-ready, we can also help you get to the resources you need to get there.” Those resources might include mentoring on business structure, accounting and bookkeeping, and more. 

If you (or an entrepreneur you know) would like to learn more about the Indiana Black-Owned Business Loan Fund, watch the webinar above, or contact Sam@cdfifriendlysouthbend.org.