$1 Million Investment Announced Toward Indiana's First Black-led Loan Fund

By Brandon Drenon, Indy Star

Indianapolis is allocating $1 million of its American Rescue Plan funding to support the creation of a loan fund designed to support communities of color, it was announced Thursday.

The $1 million will go toward the development of Indiana’s first-ever Black-led Community Development Financial Institution Loan Fund, according to the press release. (A CDFI Fund is a federal designation applied to financial institutions that support economically disadvantaged communities.)

Equity1821 was officially formed last week and is named in honor of what is believed to be the first Black-owned business established in Indianapolis by David Mallory in 1821, the press release stated. 

The funding, approved by the City-County Council in September, is a part of Mayor Joe Hogsett’s spending plan for $419 million granted to the city.

 

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