Meridian Health Plan of Illinois and Liberty Bank and Trust have launched a new small business loan program to support diverse and minority-owned businesses in Illinois. The partnership includes a $500,000 grant from Meridian to fund Liberty's Lighting Loan Program, which will provide $10,000 to $50,000 loans to small businesses. This grant boosts the program’s lending power to $2.5 million, offering accessible capital to businesses driving economic growth and community development. Applicants can expect a streamlined application process with approvals possible within 48 hours.
Launched in October 2024, the loan program aims to provide more than financial assistance. It also includes supplemental educational programming to enhance business operations, leadership capabilities, and service delivery. This initiative builds on Meridian's commitment to diversity, equity, and inclusion and Liberty Bank's mission to foster economic empowerment in underserved communities.
Meridian Plan President and CEO Cristal Gary expressed pride in collaborating with Liberty Bank to create this resource for small businesses. She highlighted the importance of supporting businesses that make a difference in their communities. Todd O. McDonald, President of Liberty Bank and Trust, emphasized the program’s alignment with Liberty’s mission to strengthen communities through quick, affordable capital access and job creation opportunities.
Liberty Bank, the largest Black-owned financial institution in the U.S., and Meridian Health Plan, a provider of government-sponsored healthcare plans, bring a combined focus on economic and social empowerment to the partnership. For more information about the Lighting Loan Program, visit libertybank.net/meridian.
