In response to the small business crisis created by the pandemic, the Indy Chamber (IN) launched a Rapid Response Loan Fund to offer immediate, affordable loan options for small businesses and began processing federal Paycheck Protection Program (PPP) loans. This is a replicable model that could become a non-dues revenue stream for chambers while also providing capital into marginalized communities that have historically been left behind by mainstream finance.
The Indy Chamber’s Rapid Response Loans are administered by the Business Ownership Initiative (BOI) in partnership with Bankable, a local nonprofit lender. As the umbrella organization for the Indy Chamber’s Entrepreneurship Division, BOI is a recently certified community development financial institution (CDFI) that provides emergency assistance for small businesses affected by COVID-19 via free one-on-one business coaching and access to lending capital.
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