‘Bankable’ loan program in Indiana has given out over $20 million in loans to small businesses.
An Indiana loan program called Bankable, a Flagship Enterprise Center small business loan program, has given out more than $20 million in small business loans since 2010, according to The Herald Bulletin.
The program has given more than 600 loans with an average size of about $30,000 to small business owners throughout Indiana. The point of these “micro-loans” is to provide funding to small businesses who wouldn’t normally qualify for a traditional business loan and to eventually get these businesses to a point where they could qualify in the future.
“The milestone is something we are really excited for and we are grateful to have built a program that has reached this point,”Adam Hoeksema, executive director of the program said according to the Bulletin. “It certainly takes a community for a program like this to take hold and flourish.”
Qualifying businesses could borrow up to $250,000 from the Bankable program. Hoeksema said the city of Anderson, Anderson University, the U.S. Small Business Administration and Indiana bankers have each played a role in the success of the program over the years.
“We hope to carry this momentum forward and continue to grow so we can support more Indiana small business,” Hoeksema said.