EVANSVILLE, Ind., March 9, 2023 (GLOBE NEWSWIRE) — To extend credit to underserved communities and address systemic inequities in access to capital, Old National Bank is launching a new Created the Empowerment Small Business Loan Program. Designed for businesses with less than $25 million in revenue and 50% or more minority or female ownership, the program enables Old National’s lending team to push the boundaries of traditional decision-making models that rely heavily on credit scores. Go beyond and allow us to evaluate your specific corporate loan request.
“The Empowerment Small Business Loan Program will enable Old National to provide financing services to talented entrepreneurs who might otherwise be denied access to capital,” said Old National CEO. says Jim Ryan. “Enhancing the ability of previously underserved individuals to start or grow businesses benefits the entire community.”
A study by the Brookings Institution found that the average credit score of Hispanic and black populations is 33 and 57 points lower, respectively, compared to white populations. This can lead to challenges for people of color with a desire to acquire new capital for their business ventures.
Roland Shelton, Chief Strategic Business Partnerships Officer at Old National, said: “When companies grow, we grow.”
Learn more about Old National’s Empowerment Small Business Loan Program
- A $50 million pilot phase of the program has been launched in the Chicago, Indianapolis, Milwaukee, Evansville, Minneapolis, St. Paul and Louisville markets. Old National has already approved more than $2.1 million in new loans for him through this program.
- To support the new program, Old National has promoted Tracy Meeks and Leo Lopez to Community Lending Market Executive positions for the Milwaukee and Indianapolis markets, respectively.
- “When organizational change happens so quickly, it reflects support from senior management and visionary alignment across the organization,” said Lopez. “But it also speaks to the urgency of the need and, frankly, the opportunity it represents.”
- Additionally, Old National recently welcomed Twin Cities-based Emma Kasiga as another member of the Community Lending Market Executive team. Kasiga came to Old National from the Metropolitan Economic Development Association (MEDA) in Minneapolis. She focused her financing efforts on her BIPOC business in Minnesota.
About Old National
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank, the sixth-largest commercial bank headquartered in the Midwest. With approximately $47 billion in assets and $28 billion in assets under management, Old National Bank ranks among the top 35 U.S.-based banking firms for clients and the communities it serves. In addition to providing a wide range of services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital markets services. For more information and financial data, please visit oldnational.com Investor Relations.