ANDERSON – Hispanic business owners in Indiana have a new opportunity to receive loan funds at fair and favorable terms and access resources to help them succeed. Bankable, an SBA lender located in Anderson, recently launched the Hispanic-Owned Business Loan Fund in response to a growing need throughout the state.
Any Indiana business owner who identifies as Hispanic may apply for a loan of $500–$50,000 from the fund, with favorable interest rates and benefits specifically for Hispanic-owned businesses. The loans feature a competitive fixed interest rate, flat monthly payments, and no closing costs. For Spanish-speaking borrowers, loan application materials are available in Spanish, and Spanish-speaking members of Bankable’s staff are available to assist prospective applicants.
As part of the loan program, Bankable offers several other unique benefits for Hispanic borrowers, including Minority Business Enterprise certification assistance, a payment to cover one year of membership to the borrower’s local chamber of commerce, and access to relationships with partner Hispanic-led organizations throughout the state.
Bankable also offers borrowers the opportunity to meet with business coaches through its parent organization, Flagship Enterprise Center. Coaching services are currently available to Anderson-area borrowers, with plans to expand services statewide in the future. Translators are available for Spanish-speaking coaching clients.
“We are thrilled to launch the Hispanic-Owned Business Loan Fund to help overcome the language barrier that often makes it difficult for Spanish-speaking business owners to apply for loans or obtain capital. There is a growing Hispanic population throughout the state, and we are excited to better serve our Spanish-speaking community through business resources and funding,” said Jennifer Hall, executive director of Bankable.
In addition to borrowers, Indiana-based lending institutions may also benefit from the launch of the Hispanic-Owned Business Loan Fund. Often, local lenders may not be able to assist first-time borrowers due to the size of the loan amount, credit issues, or other reasons. Bankable’s loan programs offer more lenient conditions for borrowers to satisfy, and the goal is always to help the borrower graduate to a bank loan when the time is right.
Anyone interested in learning more about the Hispanic-Owned Business Loan Fund can visit bankable.org.
About Bankable: In 2010, the Flagship Enterprise Center, located in Anderson, launched Bankable to provide access to affordable capital and coaching for Indiana small businesses that are not able to obtain a loan through a bank. Bankable is a certified SBA lender that can provide flexible microloans to Hoosier small businesses. The Bankable team works with entrepreneurs at any stage of business to build their credit, secure capital, increase financial literacy, and grow sound business foundations to make them Bankable in the future.
