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.
Read more in the article below:
Association of Chamber of Commerce Executives
1330 Braddock Place, Suite 300 | Alexandria, Virginia 22314
703-998-0072©2019 | Privacy Statement | Disclaimer
Facebook Twitter Instagram