Arts Council launches $10M restart fund for local arts not-for-profits
The Indy Arts & Culture Restart & Resilience Fund, underwritten by Lilly Endowment Inc., will provide eligible entities with one-time grants ranging from $5,000 to $500,000.
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Banks snared in race conversation, confronted by bleak legacy
On the sidelines of protests, organizers are spreading the word about the role of banks in some of the worst chapters of U.S. history, from financing slaveholders to systemic discrimination in 20th century mortgage lending.
Federal Reserve acts to broaden appeal of Main Street Lending Program
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
Trump administration still garnishing wages of student loan borrowers during pandemic
The Trump administration is fighting a class-action lawsuit for continuing to garnish the wages of defaulted borrowers in violation of a federal order.
Under pressure, Calumet returns $31.4M in federal COVID-19 relief loans
The Indianapolis-based maker of oils, lubricants and fuels was among the nation’s largest recipients of Paycheck Protection Program loans, which for the most part were intended for small businesses.
Survey: Oil, mining, manufacturing businesses had best luck with pandemic loans
Utilities fared the worst of all sectors, with less than a quarter of small businesses in that sector getting loans, according to the survey.
Indiana-based public firm Escalade returns pandemic rescue loan
The sporting and recreational equipment manufacturer said it repaid its loan to comply with a rule change in the Paycheck Protection Program.
Indiana banks OK $7.5 billion in Paycheck Protection loans
The banks approved 35,990 individual loans for companies and organizations in Indiana before the program ran out of money.
Banks expect deluge of desperate businesses seeking loans
Millions of small businesses are expected to apply for a desperately needed rescue loan Friday, a stern test for a banking industry that has had less than a week to prepare.
Carmel auto finance firm calling it quits after 33 years, terminating 127 employees
Carmel-based auto finance company Coastal Credit LLC plans to end operations and terminate all of its employees by the middle of this year, the company said in a letter to the state.
Banks say they’ll give commercial borrowers extra time
But the bankers also say it’s unclear how the pandemic might affect commercial customers—and the banks themselves—in the longer term.
Fed slashes rate to near zero, eases lending rules
The central bank said the effects of the outbreak will weigh on economic activity in the near term and pose risks to the economic outlook.
Sen. Rand Paul offers bill to combat student loan debt with retirement savings
The Kentucky Republican introduced federal legislation late Monday that would allow students to dip into retirement accounts to help pay for college or make monthly debt payments.
State receives $436M loan from EPA for water infrastructure projects
Between the EPA loan and funding from the Indiana State Revolving Fund, more than $900 million will be invested in 28 projects. Indianapolis is the biggest beneficiary.
U.S. consumer borrowing shows $17.9B August increase
Consumer borrowing increased at a solid pace in August, helped by the biggest jump in auto and student loans in three years.
Hoosiers in best position to pay off credit card debt, study says
Analysts from the personal finance web site WalletHub used data from the U.S. Census Bureau, the Federal Reserve and TransUnion to see how each state is faring when it comes to credit card debt.
First Merchants Bank settles federal lawsuit alleging redlining
According to the complaint, First Merchants “engaged in unlawful redlining in Indianapolis by intentionally avoiding predominantly African-American neighborhoods because of the race of the people living in those neighborhoods.”
Fed foresees no rate hikes amid unusually low inflation
The Federal Reserve signaled that no rate hikes are likely in coming months amid signs of renewed economic health but unusually low inflation.
Controversial payday lending bill dies in House without vote
On the last day for bills to pass out of the Indiana House, the sponsor for Senate Bill 613—Rep. Matt Lehman, R-Berne—declined to call it for a vote.
Amendment to payday loan bill unable to calm community advocates
Even after lawmakers worked hours overnight to craft an amendment to a controversial bill regulating payday and subprime loans, opponents remained frustrated.