Community Banking: When You Invest with Old National, We Invest in Your Community
What is an investment in community equity? It’s providing opportunities for the launches of new small businesses, supporting community development and sustainability projects, helping to lift-up disadvantaged and underrepresented communities, and much more.
The Old National Bank (ONB) community equity team has provided $233 million in equity funding to disadvantaged businesses and communities over the last nine years in ONB’s Midwest footprint, including:
- Funding projects with a total construction cost of $742 million
- When including investment through funds, has supported projects with a total cost of $1.27 billion
- Diverting $50 million in New Markets Tax Credits to fund seven Midwest projects and create area jobs
And in 2022 providing:
- Approximately $600 million in Community Reinvestment Act-eligible community development loans that supported affordable housing, economic development and community revitalization/stabilization
- $386 million in Community Reinvestment Act-eligible loan originations to small businesses and small farms
- $723,429 in down payment assistance grants through the ONB Down Payment Assistance Program and the Federal Home Loan Bank
- $870,000 in Affordable Housing Program (AHP) grants through the Federal Home Loan Bank
Free community financial education classes and workshops impacting 7,400 individuals
Community Investment Profile: The Urban League of Greater Madison
An example of the work that ONB Community Equity performs to strengthen and sustain communities is our investments in The Black Business Hub in Madison, Wisconsin. The Hub is set to open in the fall of 2023 and become the region’s first place-based, Black-led enterprise center devoted to incubating, accelerating and networking Black and other entrepreneurs of color.
The four-story, state-of-the-art building is located at the southern gateway to Madison, and will include popup retail, retail storefronts, small offices and a commercial kitchen. It will also include on-site economic and small business development agencies.
"The Black Business Hub is going to be an economic engine, not just for South Madison, but for this region," said Urban League President and CEO Dr. Ruben Anthony. "We'll have more economic development tools to help small business in this building than anywhere else in the state."
Old National CDE provided $7 million in New Markets Tax Credit allocation, and ONB Community Equity provided $5.6 million in equity investment to support the $25 million project.
Individual Assistance
Old National is dedicated to both playing a role in strengthening communities and lifting-up individuals. Products for individuals include:
Home Manager Mortgage Program – For those who may not qualify for a traditional mortgage, this program allows clients to purchase a home with as little as 3% down without Private Mortgage Insurance (PMI) requirements.1
Bank On – this program focuses on helping the “unbanked” gain access to financial services such as certified accounts and other services. ONB launched the third Bank On program in the nation in 2008.
CD Believer Loan – Helping individuals build or re-build their credit rating, this product works to establish a strong payment history for clients while building a savings balance, with no minimum credit score required.2
Other Programs Include:
- Down payment assistance for eligible home buyers3
- Amish and Older Mennonite Residential Mortgage
- USDA Rural Housing Loans
- Federal Housing Administration (FHA) Loans4
- Veterans Administration (VA) Mortgage Loans6
- Farm Service Agency (FSA) Guarantee Loan Program
- Secured Credit Card5
- First-Time Consumer Borrower’s Program
What can Old National do for you? Learn more at oldnational.com/about-us/community.
*All loans are subject to credit approval. Property insurance required. Rates are subject to change daily. Contact an Old National Mortgage Lender for product details. All funds will be verified. NMLS #459308.
1 Additional qualifications may apply. Home Manager Program available only for first-time homebuyers.
2 To qualify, must be age 18 or older with no current delinquencies or open collections of $250 or more.
3 Down payment assistance programs are subject to availability. Subsidies range between $3,000 and $6,000.
4 Some restrictions may apply and program conditions subject to change. Contact an Old National Mortgage lender for product details.
5 Subject to credit approval. $35.00 Annual Fee. Minimum monthly payments requirements apply. Cards are issued by First National Bank of Omaha (FNBO®), pursuant to a license from Visa U.S.A. Inc. Visa and Visa Signature are registered trademarks of Visa International Service Association and used under license.
6 Up to 100% financing available. No Private Mortgage Insurance (PMI) required. You will also need to apply for a Certificate of Eligibility (COE), which is required for all VA-backed loans.
