Old National Bank has launched an effort to expand credit to underserved communities and to address systemic inequities. WNIN’s John Gibson has details:
The Evansville-based bank announced what it calls the Empowerment Small Business Loan Program.
It’s designed for businesses with revenues of less than $25 million and more than 50 percent minority and/or women ownership.
Old National says the program empowers the bank’s lending team to evaluate business loan requests outside the traditional model, which relies heavily on credit scores.
CEO Jim Ryan it will enable Old National to “provide lending services to gifted entrepreneurs who might otherwise be denied access to capital.”
The bank says the program will level the playing field and partner with outstanding women and minority entrepreneurs.
A $50 million pilot phase of the program has kicked off in Evansville, Louisville, Indianapolis, Chicago, Milwaukee, and Minneapolis-St. Paul.
Old National says it’s already approved more than $2.1 million in new loans through the program.