Build Fund understands that many of our clients have been and will continue to be negatively impacted by the COVID-19 outbreak and the associated social distancing measures put in place by state and local government. As a CDFI, we genuinely care about the well-being of your business, your employees, and your community, and we want to be helpful.
If you expect to experience financial hardship due to the current pandemic, please reach out to us as soon as possible. We will do our very best to work with you and your business to find a temporary solution as we all push through these difficult times together.
If your business is in need of emergency funding please look to the resources below.
The new Bankable program, the QuickBridge loan will provide funding for businesses that are still open and still have demand for their product or service, but cash flow is challenged due to a drop in sales, slow pay from customers, delayed purchase decisions, and more.
Funding is limited but they are actively working on adding financial partners to this program to increase funding available to issue more loans. If your organization would be interested in learning more about funding for this program, please contact adam@bankable.org or kylef@bankable.org.
The Indiana District Office of the U.S. Small Business Administration announced that Indiana small businesses can apply for SBA Economic Injury Disaster Loans (EIDL). The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits, and may be used to pay fixed debts, payroll, accounts payable and other bills. The interest rate is 3.75% for small businesses without credit available elsewhere, and the interest rate for non-profits is 2.75%. EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower’s ability to repay. More information and applications can be found at www.SBA.gov/disaster or by calling 800-659-2955.
Those of us at Build Fund care about the wellbeing of our borrowers and their businesses, but we also care for the Indianapolis local business economy in general. If you know of other businesses in the area who might be in need of funding, send them our way so we can help get them connected to funding.
If you have any additional questions or concerns, please contact us.
