$500,000 grant from Meridian will support $2.5 million in lending power to fuel growth and community development
CHICAGO, Nov. 21, 2024 /PRNewswire/ -- Meridian Health Plan of Illinois, Inc. (Meridian), a provider of government-sponsored managed care services to families, children, seniors and individuals with complex medical needs and a Centene Corporation company (NYSE:CNC), today announced its support of Liberty Bank and Trust's small business loan program to offer loans to small businesses, including diverse and minority-owned, ranging from $10,000 to $50,000. Under the partnership, Meridian has granted $500,000 in seed funding to Liberty's Lighting Loan Program to support $2.5 million in lending power to minority owned or led small businesses based in Illinois. Businesses may qualify for funding following a fast application process in as little as 48 hours.
As of October, small business owners may submit a loan application to access capital and supplemental educational programming to enhance their capabilities, improve their operations and bolster their ability to deliver goods and services in communities across the state of Illinois. The partnership builds on Meridian's commitment to diversity, equity and inclusion and dedication to investment partners and suppliers who support the members and communities Meridian serves.
"We're excited to partner with Liberty Bank and Trust to create this innovative funding model for the businesses that make a critical difference in the communities we serve," said Cristal Gary, Meridian Plan President and Chief Executive Officer. "It is an honor to contribute to the growth of small, and potentially diverse, businesses in Illinois."
"We are thrilled to partner with Meridian Health Plan of Illinois to create a new source of capital for Illinois' small businesses," said Todd O. McDonald, President, Liberty Bank and Trust. "This collaboration aligns with our mission to foster economic empowerment in underserved communities. This partnership will provide the opportunity for local businesses to have quick and affordable access to the funds they need to grow, create jobs and strengthen the fabric of our communities. At Liberty Bank, we believe in the power of possibility, and through this partnership with Meridian, we are turning that belief into tangible opportunities for small businesses."
For more information, visit libertybank.net/meridian.
About Meridian Health Plan of Illinois
Meridian Health Plan of Illinois, Inc. and its family of health plans provide government-sponsored managed care services to families, children, seniors, and individuals with complex medical needs. This includes Meridian's Medicaid and Medicare-Medicaid plans, and YouthCare HealthChoice Illinois. YouthCare is a specialized program designed to address the healthcare needs of Illinois Department of Children and Family Services (DCFS) youth in out-of-home placement and former foster youth. Meridian connects members to care and offers comprehensive services to support lifelong health and wellness. Meridian is a leading healthcare enterprise committed to helping people live healthier lives and a Centene Corporation company. Learn more at ILmeridian.com.
About Liberty Bank and Trust
Founded in 1972, Liberty Bank and Trust is the largest Black-owned financial institution in the United States, with assets exceeding $1 billion and branches across 11 states. As a trusted Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI), Liberty Bank and Trust is committed to making a lasting impact in the communities they serve.
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This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition, and results of operations, in our filings with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs.
SOURCE Meridian of Illinois
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