Small businesses in economically challenged communities will benefit from a new $3 million Community Loan Fund from Republic Bank.
Pedro Bryant has been hired for a newly created role to help a diverse group of small businesses grow through new programs. The new Community Loan Fund will promote business development and job creation in low-and-moderate income communities.
The Fund will initially focus on the operating needs of businesses in all industry segments in Louisville and rolled out to all communities served by Republic.
“We’re stepping forward to help meet the needs of members of our community who have struggled because of inequity and inadequate access to financial capital,” said Steve Trager, Chairman and CEO. “We’re excited to have Pedro lead initiatives that support small businesses owned and operated by the members of these communities. He adds deep banking leadership experience in community-focused services to our already strong executive team.”
In addition to forming the fund, Bryant will provide executive oversight of Republic Bank’s Small Business Administration Lending Division, managed by Vice President Kathy Pleasant.
The Bank’s participation in the SBA Paycheck Protection Program (PPP) has already provided more than $530 million in total support to over 3,700 small businesses in the communities it serves.