FHLBank Indianapolis is offering economically beneficial advances for funding PPP eligible entities as part of its COVID-19 Relief Toolkit.
The Small Business Recovery Advances Program assists FHLBank Indianapolis Members with the financing of any PPP eligible entities. This program will be offered starting August 1, 2020 on a first-come, first-served basis with no member caps.
For more information, see our Small Business Recovery Advances Program Fact Sheet below.
To apply, members must submit an application and worksheet identifying the eligible entity or entities receiving funds.
FHLBank Indianapolis staff are hosting a webinar on August 5th to discuss the benefits and uses of the funds. To join, register at the link included below.
• Amount: Remaining balance of COVID-19 Advances Program at its conclusion (July 31st)
• Product: Any product normally available through CIP
• Cost: CIP advance rates
• Prepayment fees: Those consistent with CIP advances
• Start Date: August 1, 2020
• To fund Member loans that have been closed or will be closed with PPP eligible entities (no requirement for the eligible entity to have received a PPP loan).
• Earliest date qualified loans could have closed: April 3, 2020 (first day PPP applications were accepted)
How to Apply:
• Members must submit an application and worksheet identifying the eligible entity or entities receiving funds. Complete the Small Business Recovery Advances Program Application and SBRAP Worksheet and submit to Creditdesk@fhlbi.com
• Applications received before 2:00 PM (ET) will receive same-day funding.
SMALL BUSINESS RECOVERY ADVANCES PROGRAM
This informational webinar reviews the Small Business Recovery Advances Program and provides guidance on how to use the program and submit an application.
Small Business Recovery Advances Program
For more information or questions about our products, call the FHLBank Indianapolis Advances Desk