Evansville, Ind. (January 14, 2021) – As banks throughout the country await word from the Small Business Administration (SBA) that the Paycheck Protection Program (PPP) is up and running again, Old National is working to reach out to underrepresented businesses throughout its footprint, especially minority-owned and women-owned small businesses.
On December 27th, a COVID relief bill was signed into law that includes $284 billion in new PPP loan funds. This new wave of funding is expected to be available as soon as Friday, January 15th. Whenever the SBA opens the program, Old National will be ready with its online portal for PPP clients; oldnational.com/paycheck-protection-program.
“If you are a small business or non-profit who might benefit from obtaining PPP funds, or even if you simply want to learn more about the program, our experienced team members are ready to assist you,” said Old National Chairman & CEO Jim Ryan. “Our goal is to make the entire process as seamless and simple as possible.”
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.
“We worked with Old National to secure our first round of PPP funding,” said Sam Julka, president and founder of DORIS ( “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.”
Gary Hobbs, CEO of Black and White Investments (BWI), stated, “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.”
Expanded focus 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, Ind. markets. In addition to driving business development opportunities for minority-owned businesses and other underrepresented groups, Shelton works in partnership with our Diversity, Equity and Inclusion team to develop and drive diversity recruiting strategies and enhance career development efforts for individuals of color.
2020 partnerships geared toward serving underrepresented groups
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:
- 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.
- In Minnesota, Old National contributed $75,000 to launch a unique, multi-faceted partnership with as Metropolitan Economic Development Association (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.
- 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.
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 $22.7 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 oldnational.com.