Kentucky businesses are already benefiting from a loan program that launched earlier this year.
Republic Bank’s $3 million Community Loan Fund has selected its first client, a small business bringing expanding healthcare access to Louisville’s West End. GObileMD applied for and received capital to bring medical services focused on wellness and prevention to an underserved community.
GObileMD founder Dr. Giavonne Rondo started the businesses to provide on-demand health care to patients in their homes, places of work or community gathering spaces. She’ll use the money from the loan to create the foundation for her business.
The Community Loan Fund was created by Republic Bank to support and promote business development and job creation in low-to-moderate income communities. Pedro Bryant, who serves as executive vice president and managing director of community lending at Republic, was hired in July to oversee the new program. The bank hopes to help many small business professionals across many industries to receive financial capital and be able to provide valuable services to economically challenged communities.
Republic Bank provided much needed resources for the physical, mental and financial health of Louisville’s West End community last year with the opening of the Republic Bank Foundation YMCA. The 77,000 square foot facility is in the same neighborhood that GObileMD will serve.