1st Source Bank Minority Business Builder Loan

By Tabitha Ervin
FWIS Editorial Director

I was recently able to connect with the team from 1st Source Bank which included Terrece Fairgood, Banking Center Manager and  Community Development Officer,

Mark Gould, Community Development Manager and Joseph O’dell, Business Banker, to discuss the bank’s Minority Business Builder Loan.

The bank piloted the program last year from August-December and had pretty good success so they have restarted this year on May 1. The bank has committed $200,000 towards the program and while about half is spent, they are seeking more applicants.

Gould shared that about 10 years ago in South Bend they had a similar program when the community was focused on using minority contractors for projects they were able to give small dollar loans for companies to use to buy equipment. They shelved the program after and have brought it back specifically adding southeast Fort Wayne targeting minority business owners. 3 applicants in Fort Wayne received money last year during the pilot and the bank wants to expand its reach.

So far they have mainly advertised through word of mouth but both O’dell and Fairgood as well as Andrea Ehresman (Business Banker) work together locally to connect to potential applicants.

The process is streamlined to a one page application and the business must have operated at minimum a year and have tax returns. There are no closing fees and the credit score process is relaxed.

The minimum loan is $1,000 and the maximum is $10,000 for 5 years at a fixed rate.

To apply, interested businesses can stop by any 1st Source Bank location and ask about the Minority Business Builder Loan or connect directly with Terrece Fairgood for the application. Her office number is (260) 420-2427 and her email is fairgoodt@1stsource.com.