A new bank on the near northeast side of Indianapolis aims to increase equity in home ownership and business lending. The new First Merchants Bank in the city’s near northeast side neighborhood will provide community investment opportunities.
City-County Councilor Duke Oliver said the groundbreaking is a step forward.
"We support the ongoing mission of equity business development in Indianapolis," Oliver said.
Indianapolis Mayor Joe Hogsett said access to capital is a crucial part of enhancing quality of life.
"Soon at this spot," Hogsett said, "First Merchants will be making mortgages, small business loans, sponsorships, investments and more."
Financial opportunity is often disproportionate in low income and segregated neighborhoods.
Community Home Lending officer Sherry Boudoin said the center will help clients finance homes with no money down and grant opportunities.
"To the current residents and new residents who want to live, work and play on the eastside of Indianapolis," Boudoin said.
The new bank comes after a settlement agreement last year between First Merchants and the Department of Justice -- alleging lending discrimination through redlining.