Aaron M. Renn

All Things Aaron

  • Home
  • Bio
  • Press
  • Archives
    • By Date
    • By City
    • Podcasts
    • Reviews
    • Articles in Governing Magazine
    • Articles in the Guardian
    • Articles in City Journal
    • Articles in New Geography
  • Get Posts by RSS
  • Podcast

City of Indianapolis Backs $25 Million in Paycheck Protection Loans

April 27, 2020 By Aaron M. Renn

Photo Credit: Miyin2 CC BY-SA 4.0

I want to highlight a great development here in Indianapolis. The city of Indianapolis has approved allocating $25 million to fund federal paycheck protection program loans underwritten by the Indy Chamber. (Full disclosure: I am a consultant for the chamber).

The SBA’s forgivable Paycheck Protection Program was such a big hit that the loan funds were entirely allocated in short order. Congress just provided an additional allocation of funds, with $30 billion reserved for CDFI (community development financial institution) type lenders.

The Indy Chamber is an existing CDFI that was already making loans through its Rapid Response Loan fund. The city’s $25 million will significantly scale up this local effort by providing the initial capital needed to underwrite these loans.

These new PPP loans are being targeted as businesses with 50 or fewer employees and in amounts of $75,000 or less. So this program is directly targeted at true small businesses.

There’s definitely a lot of work still to do, but Indy is on the forefront of local communities mobilizing to help small businesses navigate through this crisis

Share This Post:

  • Email
  • Facebook
  • Twitter
  • LinkedIn
  • Print

Related

Filed Under: Demographics and Economic Development, Indianapolis

Get my eBook The Urban State of Mind for your Kindle from Amazon.

About Aaron M. Renn


 
Aaron M. Renn is an opinion-leading urban analyst, consultant, speaker, and writer on a mission to help America’s cities and people thrive and find real success in the 21st century. (Photo Credit: Daniel Axler)
 
Email: aaron@aaronrenn.com
Full Bio

Trending Posts

  • Nine Reasons Why Detroit Failed
  • Suburban Blight in Kansas City
  • New England vs. Midwest Culture
  • Heartland Intelligence
  • Coronavirus and the Future of Remote Work

Disclosures

Links on this site may contain embedded “affiliate codes.” Purchases made through these links may result in a payment to me.
 
Header design by Carl Wohlt.
Header images via Shutterstock.

Copyright © 2006-2020 Urbanophile, LLC, All Rights Reserved - Click here for copyright information and disclosures