Lake County, Indiana received good news as Peoples Bank, the Legacy Foundation and Accion recently announced the launch of “an initiative to help develop small businesses in low-to-moderate income communities” in the area.
The new program is in its pilot phase and will look to support businesses in need of funding. The Small Business Development Pilot Project is a charitable type fund that will lend money in the form of a grant to small firms refereed to the program by Accion. “Eligible small business owners will have secured and repaid a loan from Accion, a nonprofit community lender.”
“At Peoples Bank, our mission is to make our customers and communities more successful. We understand that small businesses are the backbone of the local economy, and this partnership between Peoples Bank, Legacy Foundation, and Accion provides needed working capital to local small business who are either just starting their business or expanding,” said Greg Bracco, senior vice president, business banking manager.