$1 Million Investment Announced Toward Indiana's First Black-led Loan Fund
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 (Oct. 21).
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.
The nine city leaders that will make up the board include:
- Tony Mason, President of the Indianapolis Urban League (Indianapolis, IN)
- Tanya McKinzie, President of Indiana Black Expo IBE
- Willis Bright, Chairman of the African American Coalition of Indianapolis,
- Phil Johnson, Senior Vice President, Treasurer and Head of Corporate Transactions for Eli Lilly and Company
- Nick Bontrager, Twenty-five years of financial services and twenty-three years of banking experience
- Greg Hicks, Chief Financial Officer of the Indy Black Chamber of Commerce
- Robert Shegog, President of the Indianapolis Recorder Charities
- Latoya Botteron, Chief Financial Officer and Chief Operating Officer of the Central Indiana Corporate Partnerships
- Jeff Bennett, Deputy Mayor for Community Economic Development for City of Indianapolis
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