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For Your Business April 10, 2024

The Empowerment Small Business Program: How Old National Bank Serves Underrepresented Clients and Communities

To expand credit and improve access to capital for underserved communities, particularly Black and Brown entrepreneurs, Old National Bank launched the Empowerment Small Business Loan Program in 2023 that is unique to the U.S. financial industry.

Loans generated through the program, which create access to capital to help expand entrepreneurial dreams, are evaluated using an approach that is not as dependent on consumer  credit scores as most traditional credit models.

In its first full year, the Empowerment Small Business Loan Program generated nearly $30 million in loans in service of 72 clients.

“At the heart of our success lies a conscious decision to align not just with financial strength, but with ethical fortitude,” said Old National client Marquita Berry, CEO of Supreme Tax Services, LLC, and The Trillion Wealth Syndicate, a financial consulting service. “Choosing a bank that mirrors our values is not just a business decision; it’s a commitment to a shared journey of empowerment and integrity. As a minority- owned business, we proudly partner with Old National.”

Here are just a handful of life-changing examples from the Empowerment Small Business Loan Program:

Chicago, Illinois: Our Empowerment Small Business Loan Program helped C & W Market and Ice Cream Parlor Inc.'s Clarence and Wendy Weaver purchase the building in which their business has been located for more than eight years.

Indianapolis, Indiana: Marquita Berry, owner of Supreme Tax Services LLC, had to slow down her business during the pandemic due to a lack of childcare. Our Empowerment  Small Business Loan Program allowed her to bounce back  and acquire new office space.

Madison, Wisconsin: The program helped Seanna Whalen and Nick Larke achieve their dream of owning the restaurant where they worked together for years (see story below).

Minnetonka, Minnesota: Benjamin Ojogwu, owner of Songhai Construction, struggled to survive with a 70% interest rate loan from another financial institution. Through the Empowerment Small Business Loan Program, he was able to consolidate debt and free up cashflow.

CASE STUDY: Empowerment Loan Keeps Casetta Kitchen and Counter in Business

When the owners of Casetta Kitchen and Counter wanted to sell their business in the fall of 2022, partners Seanna Whalen and Nick Larke recognized a golden opportunity.

Seanna and Nick had worked for Casetta for years and didn’t want to see the Madison, Wisc., staple disappear. Seanna and Nick have a passion for food and for the restaurant business. When they met with Old National Bank and learned about the Empowerment Small Business Loan Program, they said they knew they had found the right financial partner.

The program offers a longer amortization schedule that allows business owners to reduce payments, with an overall process that is shorter than a Small Business Administration (SBA) loan. Thanks to the program, Seanna and Nick have not only saved their favorite restaurant, they have positioned themselves to expand their products and services.

 

To learn more about Old National’s Empowerment Small Business Loan Program, click here.

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