In anticipation of the second round of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) program, Old National is reaching out to underrepresented businesses throughout its footprint, especially minority-owned and women-owned small businesses.
On December 27, a COVID relief bill was signed into law that includes $284 billion in new PPP loan funds. This new wave of funding is expected to be available as soon as Friday, January 15. When the SBA opens the program, Old National will direct PPP clients to its online portal oldnational.com/paycheck-protection-program.
“If you are a small business or non-profit who might benefit from obtaining PPP funds, or even if you simply want to learn more about the program, our experienced team members are ready to assist you,” Old National Chairman & CEO Jim Ryan said. “Our goal is to make the entire process as seamless and simple as possible.”
In 2020, Old National helped nearly 9,800 organizations secure a PPP loan from the SBA. These loans ranged in value from $300 to $10 million, supporting businesses of all types and sizes.
“We worked with Old National to secure our first round of PPP funding,” Sam Julka, president and founder of DORIS (Design Oriented Research for Impactful Solutions) recalled. “Our banker took care of us at every step of the process, from preparing us with insights on what we might need to apply for the loan to helping us through the application, to answering questions on how to have the loan forgiven.
“At a time when it felt like the world was crumbling around us, Old National became a calming and steadying shelter from the storm. Our business might not be here today without their support.”
Gary Hobbs, CEO of Black and White Investments (BWI), stated, “We had a great experience with Old National Bank in securing PPP funding. They coached us through the application process and helped us receive funds in a relatively short period of time.”
Expanded focus on serving underrepresented businesses
In 2020, Old National increased its focus on serving underrepresented businesses by adding a new EVP, Strategic Business Partnerships position to its Operating Group. Assuming this role was Roland Shelton, formerly Executive Business Development Officer in Old National’s Terre Haute and Indianapolis, Ind. markets. In addition to driving business development opportunities for minority-owned businesses and other underrepresented groups, Shelton works in partnership with our Diversity, Equity, and Inclusion team to develop and drive diversity recruiting strategies and enhance career development efforts for individuals of color.
2020 partnerships geared toward serving underrepresented groups
As a part of its approach to philanthropic giving during 2020, Old National added a specific focus on funding initiatives that serve individuals from underrepresented groups. This led to significant partnerships during the year, including contributing $75,000 to launch a unique, multi-faceted partnership with Metropolitan Economic Development Association (Meda) in Minnesota. The goal of the partnership is to provide access to capital and business development resources to Minority Busines Enterprises in Minnesota.
For more info about Old National’s outreach to underrepresented businesses, go to www.oldnational.com/paycheck-protection-program.
—Information provided by Old National Bank.