New venture from community foundations kicks off with Indy Chamber partnership and First Internet Bank support
IMPACT Central Indiana (IMPACT) is a new multi-member LLC created by Central Indiana Community Foundation (CICF) and its affiliates, The Indianapolis Foundation and Hamilton County Community Foundation. IMPACT’s goal is to facilitate investments into businesses, funds and not-for-profit organizations that are generating positive, measurable social impact and financial returns.
The new entity is led by an eleven-member board. IMPACT is led by Thomas J. Kilian, Jr as president, Jennifer Bartenbach as CFO, and Pamela Ross as secretary. Kilian said, “I’m excited to lead this new venture for our foundations. The ability to effect change at this level is a game-changer for philanthropy and our communities.”
“Providing support for individuals to create opportunities within their communities while also giving fundholders new tools to practice philanthropy is an incredibly exciting step for all in Central Indiana.”
IMPACT will make loans, equity investments, and grants that will further the charitable missions of the foundations. IMPACT Central Indiana diverts from traditional grantmaking by—in addition to fulfilling a charitable purpose—providing a potential financial return back into their IMPACT Account, which can later be re-deployed for additional IMPACT investments. It is another philanthropic tool beyond gifts and grants. Kilian summarizes IMPACT investments as ‘recycling philanthropy.’
“IMPACT Central Indiana is committed to supporting businesses and enterprises that directly improve the lives in our under-appreciated neighborhoods and communities,” said Kilian. “Providing support for individuals to create opportunities within their communities while also giving fundholders new tools to practice philanthropy is an incredibly exciting step for all in Central Indiana.”
As its first investment into the community, IMPACT Central has partnered with the Indy Chamber and their affiliate, Business Ownership Initiative (BOI) to deliver rapid response loans from $1,000-$25,000. These loans could be used to pay employee salaries, insurance premiums, or as a bridge loan until additional funding is secured through the CARES Act or the SBA. Loans through BOI will have flexible eligibility requirements, technical assistance and coaching along the way.
“We’re honored to partner with IMPACT Central Indiana and First Internet Bank to help address this critical need and to preserve the diversity and vitality of our local economy.”
IMPACT Central Indiana, with additional support from First Internet Bank, will be deploying $500,000 in capital. These resources will be targeted to support Marion and Hamilton County businesses owned by people of color and members of marginalized communities. $250,000 will come from IMPACT Central Indiana in partnership with the Central Indiana Community Foundation, the Indianapolis Foundation and the Hamilton County Community Foundation. First Internet Bank will bring an additional $250,000. David Becker, president and CEO of First Internet Bank, said, “First Internet Bank is proud to bolster IMPACT Central Indiana’s effort to support local businesses, enterprises and our communities, at a time when the need is pronounced.”
“To date, we’ve received over 800 loan inquiries from small businesses across the Indianapolis region as they navigate the impact of the COVID-19 pandemic,” notes Michael Huber, Indy Chamber president and CEO. “We’re honored to partner with IMPACT Central Indiana and First Internet Bank to help address this critical need and to preserve the diversity and vitality of our local economy.”
If you are interested in becoming an invested partner of IMPACT Central Indiana and assist in filling this critical gap, please contact Kilian at TomK@cicf.org.
More information on Rapid Response Loans is available at response.indychamber.com/loans.
ABOUT IMPACT CENTRAL INDIANA
IMPACT Central Indiana (IMPACT) is a limited liability company created by Central Indiana Community, The Indianapolis Foundation and Hamilton County Community Foundation to facilitate social impact investments into businesses, funds and not-for-profits that are generating positive, measurable social impact and financial returns. IMPACT will make loans, equity investments and grants that will further the charitable missions of the foundations. LEARN MORE
ABOUT INDY CHAMBER
The Indy Chamber empowers business to ensure all have the opportunity to succeed in the Indianapolis region by connecting, convening, and taking action to move our region forward. Through membership, economic development, entrepreneur services, and advocacy, the Indy Chamber and its nearly 2,000 businesses strive for inclusive economic growth and mobility. LEARN MORE