Real Estate Fund Created for Black-Owned Businesses
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Columbus-based Cummins Inc. (NYSE: CMI), through its Cummins Advocating for Racial Equity initiative, is partnering with Local Initiatives Support Corp. Indianapolis and the Indy Black Chamber of Commerce to establish a real estate assistance fund. The funds are geared towards businesses looking to purchase commercial property or retain property through capital improvements.
The program will provide grants up to $20,000 for Black-owned businesses in Indianapolis.
“Creating economic empowerment by building Black wealth and income is a key focus area of CARE and providing grant funding with real estate education and marketing support increases the rate of success for these businesses,” said Fernando Herndon, Cummins executive director, external diversity and inclusion initiatives.
For a business to be considered for a grant, the business must be seeking a loan from a Community Development Financial Institute Collaborative partner, such as LISC, Bankable, BOI, or BuildFund.
The organizations say requests will be evaluated on case-by-case basis to ensure alignment of this fund.