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Republic Bank’s $3 million Community Loan Fund helping small businesses in challenged communities

The $3 million Community Loan Fund that Republic Bank and Trust Company announced this summer is putting dollars into the communities the bank serves.

“We’re off to a great start,” said Steve Trager, Chairman and CEO of Republic. “Ninety days ago, we decided we needed to provide more support and promote business development and job creation in low-to-moderate income communities and in just a short period of time we are doing just that. We’re meeting the needs of many who have struggled because of inequity and inadequate access to financial capital.”

“When we launched the Community Loan Fund, we were initially uncertain which industries would be seeking assistance,” said Pedro Bryant, Republic Bank’s EVP and Managing Director of Community Lending. “What has surprised and excited us is the applicants that are looking for capital to bring professional services to these underserved communities represent many industries, especially healthcare.”

The first Community Loan Fund client is GObileMD, which will bring expanded healthcare access to Louisville’s West End, a historically under-served area.

“GObileMD will bring medical services focused on wellness and prevention to patients by actually coming to their homes, places of work, worship and community gathering, as well as through digital technology,” said Founder, Dr. Giavonne Rondo. “The simple, straightforward process of securing capital through Republic Bank’s Community Loan Fund, as well as their local, personalized service, gives me one less thing to worry about as I am doing all of the other things necessary to get a business off the ground.”

In addition, loan clients and applicants include other professionals in healthcare, accounting and other industries who are planning to bring valuable services to their communities with the help of funds from Republic’s $3 million Community Loan Fund.

“We’re stepping forward again to help with this program that complements the contributions from The Republic Bank Foundation (the “Foundation”) in our communities,” said Trager. “In the past four years we have donated over $9 million to hundreds of organizations across Kentucky, Indiana, Ohio, Tennessee and Florida through the Foundation.”

One of the most visible initiatives of the Foundation is the Republic Bank Foundation YMCA in West Louisville, a 77,000 square foot facility that opened in late 2019. This innovative facility provides much-needed resources for the physical, mental and financial health and well-being to the same community served by the Community Loan Fund in Louisville.

From Republic Bank

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