Continuing our commitment to underrepresented businesses
We're here to assist with PPP loans.
As the Small Business Administration (SBA) relaunches the Paycheck Protection Program (PPP), we are doing all we can to help get these critical funds to small business who are struggling from the impact of COVID-19. As part of our effort, we are reaching out to underrepresented businesses in our footprint, especially minority-owned and women-owned small businesses. Being a financial partner you can count on is something we take seriously, not just during a pandemic, but always.
Applying for PPP loan funds
On December 27th, a COVID relief bill was signed into law that includes $284 billion in new PPP loan funds. For Old National and the majority of other banks, the SBA will not start accepting applications for this new wave of funding until Tuesday, January 19. However, we at Old National have opened our application portal now, to begin the process of accepting and reviewing applications.
You can visit our PPP loan page to apply and find resources that will help you.
How we supported businesses in 2020
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 business of all types and sizes. Here is what some of our clients had to say about their experience with Old National.
“We worked with Old National to secure our first round of PPP funding. 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.”
— Sam Julka, president and founder of DORIS (Design Oriented Research for Impactful Solutions)
“Old National Bank is a corporate partner with the Mid-States Minority Supplier Development Council and we were fortunate to have their support and guidance during the application process for the Paycheck Protection Program in 2020. We weren’t bank customers at the time but as a result of the great customer service we received and their offer to assist us in finding solutions to ensure that we remained financially sound, we quickly moved all of our banking to Old National Bank.”
— Carolyn E Mosby, president/CEO of Mid-States Minority Supplier Development Council
“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.”
— Gary Hobbs, CEO of Black and White Investments (BWI)
More about our emphasis 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 our Operating Group. Assuming this role was Roland Shelton, formerly Executive Business Development Officer in Old National’s Terre Haute and Indianapolis, Indiana markets. As a part of our approach to philanthropic giving during 2020, we added a specific focus on funding initiatives that serve individuals from underrepresented groups. This led to three significant partnerships during the year:
Mid-States Minority Supplier Development Council (MSMSDC) & Bankable
Old National partnered with the Mid-States Minority Supplier Development Council (MSMSDC) and Bankable to provide unique, flexible financing solutions and business development resources to MSMSDC-certified Minority Business Enterprises in Indiana. We provided $50,000 in funding to launch the partnership with an emphasis on broadening economic development and financial empowerment initiatives.
Meda & the North Central Minority Supplier Development Council
In Minnesota, Old National contributed $75,000 to launch a unique, multi-faceted partnership with Meda and the North Central Minority Supplier Development Council. The goal of the partnership is to provide access to capital and business development resources to Minority Busines Enterprises in Minnesota.
Old National Bank Center for Business Excellence
We also expanded on a partnership with Butler University in Indianapolis that created the Old National Bank Center for Business Excellence back in 2017. In 2020, we pledged to cover the annual membership fee of $1,000 for the first year for privately held companies, headquartered in Indiana, with majority ownership (51% or more) by an underrepresented population.