BLOOMINGTON – Community development and small business projects in 13 Indiana counties will have new opportunities for growth under lending partnerships announced today by CDFI Friendly Bloomington (CFB).
Through a partnership with Allies for Community Business (A4CB), a Midwest-based Community Development Financial Institution (CDFI), entrepreneurs within the city limits of Bloomington will have increased access to loan funds designed to start and grow their small businesses. Through a $50,000 loan program, CFB and A4CB will work together to identify entrepreneurs who are not only seeking loans but also business coaching and other services, emphasizing businesses located within Bloomington’s Urban Enterprise Zone.
Allies for Community Business provides loans from $500 to $500,000, with an organizational vision to help entrepreneurs from any background start and grow businesses that create generational wealth for their families and communities.
“A4CB is excited to provide more loans to Indiana entrepreneurs by partnering with local organizations who know their neighborhoods best,” said CEO Brad McConnell. “CDFI Friendly Bloomington is working to grow small businesses, and A4CB can provide flexible terms to entrepreneurs looking for small or larger loans. Details on our loans and free coaching are available at a4cb.org.”
If you are an entrepreneur wanting to learn more, please reach out through the link found at the bottom of the press release.
New Line of Credit With Local Banks Will Enhance Regional Projects
CFB has also secured a unique lending partnership with Old National Bank (ONB), German American Bank (GAB), and First Financial Bank (FFB), three commercial banks with presence in the 13-county region served by CFB. Through a $2.25 million line of credit, targeted areas will have increased access to capital for projects focused on affordable housing, child care, and small businesses with competitive interest rates and a focus on community development that fills gaps in financing across the region.
“For housing, child care, and small businesses across Southwest Central Indiana, access to financing can be challenging,” said Old National Bank Market President Scott Shishman. “When banks can partner with organizations like CDFI Friendly Bloomington to help get more projects across the finish line, it’s a win-win for everyone.”
“Our mission is to unlock financing opportunities for people and projects across our region to move our communities forward,” said CFB Board President Tina Peterson. “When we have more affordable housing, better access to child care, and expansion of small businesses, it moves the needle on growth for Hoosiers in our part of the state.”
About CDFI Friendly Bloomington
CDFI Friendly Bloomington’s mission is to strengthen the communities in and around Bloomington and the Indiana Uplands, and to improve the economic conditions of lower-income residents by assisting community development financial institutions (CDFIs) and other organizations in providing accessible, flexible financing for affordable housing, job growth, and other community development projects.
CFB works with clients to provide technical assistance for their projects and to connect them with potential financing. We answer questions and help with networking, help compile budgets and necessary documentation for obtaining a loan, and then we put them in contact with CDFIs: mission-based lenders looking to fill financing gaps in our region.
For those interested in accessing capital or learning more, they can complete CFB’s borrower intake form at www.cdfifriendlybtown.org/submit-your-project/ or reach out through the contact form on their website.
CFB supports projects in Brown, Crawford, Daviess, Dubois, Greene, Jackson, Lawrence, Martin, Monroe, Morgan, Orange, Owen, and Washington counties.
