Old National Bank forms partnership to support Minority Business Enterprises

Rhea-AI Summary

Old National Bank has partnered with Bankable and the Mid-States Minority Supplier Development Council to support Minority Business Enterprises (MBEs) in Indiana. This collaboration will provide financing solutions and resources aimed at enhancing the stability and growth of MBEs impacted by COVID-19. Old National is contributing $50,000 to launch the initiative, reinforcing its commitment to economic development and financial empowerment for diverse businesses. The bank's efforts reflect its long-standing focus on community support and engagement in local economic activities.

Positive

• Partnership with Bankable and Mid-States MSDC to support MBEs.
• Initial funding of $50,000 to promote economic development.
• Focus on aiding businesses impacted by COVID-19.

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• None.

EVANSVILLE, Ind., July 20, 2020 (GLOBE NEWSWIRE) -- Old National Bank is pleased to announce its partnership with Bankable and the Mid-States Minority Supplier Development Council (Mid-States MSDC) to promote and support Minority Business Enterprises (MBEs).  This partnership will provide unique and flexible financing solutions and business development resources to Mid-States MSDC certified MBEs within the State of Indiana to ensure each entity’s future stability, growth and success.

Old National is providing $50,000 in funding to launch the partnership with an emphasis on broadening economic development and financial empowerment initiatives among diverse businesses and geographies.

“Old National is honored to collaborate with Bankable and Mid-States MSDC to offer financing and resources for MBE’s,” said Stephanie Roland, Community Outreach Director. “We understand that many businesses have been impacted by COVID-19, and we hope this additional support will help ensure stability and growth.”

“Mid-States is excited about this partnership.  Providing small business loans for our council certified MBEs shows ONB and Bankable’s support of our minority businesses here in Indiana,” said Carolyn E. Mosby, President/CEO of Mid-States MSDC. “We look forward to growing our partnership in other areas as well.”

“Community is a core value and critical element of our corporate culture at Old National,” said Old National Chairman & CEO Jim Ryan.  “We are honored to partner with Bankable and Mid-States to drive this commitment forward in meeting the needs of minority-owned businesses throughout the state of Indiana.

For more information about the MBE partnership, visit https://midstatesmsdc.org/ or call 317.921.2678.

About Old National
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $22.1 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for nine consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping our clients at the center of all we do. This is an approach to business that we call The ONB Way. Today, Old National’s footprint includes Indiana, Kentucky, Michigan, Wisconsin and Minnesota. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital market services. For more information and financial data, please visit Investor Relations at www.oldnational.com.

About Bankable
Bankable is a 501(c)3 non-profit, SBA microlender, SBA Community Advantage Lender and certified Community Development Financial Institution (CDFI) that seeks to create opportunities for all entrepreneurs in Indiana by providing access to capital, financial education and economic resources to build healthy small businesses.  The Bankable team works with entrepreneurs at any stage of business to build their credit, secure capital, increase financial literacy and grow sound business foundations to make them Bankable for the future. The organization works to finance, educate and support small business owners with the goal of getting them to the point where their credit, financial standing, and business know-how qualifies them for traditional funding.

About Mid-States MSDC
The Mid-States MSDC is a 501(c)3 non-profit organization that was established in 1976. It is one of 23 regional affiliates of the National Minority Supplier Development Council (NMSDC) and serves Central Illinois, Indiana and Eastern Missouri. Its network is the nation’s most dynamic force in developing successful relationships between America’s top corporations and supply-chain providers from the Asian, Black, Hispanic and Native American communities.  Mid-States MSDC’s mission is to accelerate economic growth by driving opportunities and collaboration between corporations and minority businesses.

Contact:

Kathy Schoettlin - 812-465-7269
Chief Communications Officer

FAQ

What is the purpose of Old National Bank's partnership with Bankable and Mid-States MSDC?

The partnership aims to support Minority Business Enterprises (MBEs) in Indiana by providing financing solutions and business development resources.

How much funding is Old National Bank providing for the MBE initiative?

Old National Bank is contributing $50,000 to launch the partnership.

What specific challenges are the targeted businesses facing?

The initiative aims to assist businesses that have been impacted by COVID-19.

What long-term goals does Old National Bank have for this partnership?

The bank aims to enhance the stability, growth, and success of minority-owned businesses in Indiana.