Project Overview

At the height of the COVID-19 pandemic, small businesses—especially those owned by women and people of color—faced unprecedented financial uncertainty. Many were unable to access traditional bank loans due to credit requirements, lack of existing banking relationships, or immediate capital needs. As part of Indy Chamber’s economic response team, Valo Advisory’s Founder, Susanna Taft Illig, played a pivotal role in designing and implementing the Rapid Response Loan and Grant Programs, ensuring that $20M+ in relief funding reached businesses that needed it most.

Challenges & Objectives

The economic crisis required an urgent response to deploy capital quickly and equitably while ensuring compliance, efficiency, and transparency. Key challenges included:

Limited access to traditional lending – Many small businesses, particularly minority- and women-owned firms, lacked the credit history or collateral needed for bank loans.
High demand for relief funding – Thousands of businesses needed immediate support, requiring a scalable and structured application process.
Evolving regulations and funding sources – Federal relief programs, such as PPP, had constantly shifting guidelines that required ongoing program adaptation.
Scalability & coordination – A 50-person team needed a clear and efficient system to review applications and move them through the funding pipeline.

Solution & Implementation

To address these challenges, Susanna Taft Illig led the process design and digital infrastructure development for application intake, review, and reporting. Her contributions included:

Building an end-to-end digital loan application process – Developing instructions, FAQs, an online application portal, and a document management system from scratch.
Creating an efficient review workflow – Designing a structured pipeline that allowed a team of 50+ employees to process applications quickly while maintaining compliance.
Expanding access to capital for underserved businesses – Ensuring that small businesses, especially those historically excluded from traditional lending, could access emergency relief funds.
Launching and managing multiple relief programs, including:

Rapid Response Loans – Flexible funding for businesses unable to access traditional loans.
PPP 1 & PPP 2 Loans – Helping businesses secure federal relief funds.
HELP Grants – Direct grants to support struggling businesses.
Music Venue Recovery Grants – Targeted relief for arts and entertainment businesses.

Developing a transparent data reporting system – Creating a framework to track funding distribution and impact, ensuring funders and policymakers had real-time insights.
Crisis management & real-time adaptability – Adjusting loan terms, eligibility criteria, and application requirements in response to shifting federal and local regulations.

Results & Impact

2,000+ small business applications approved
$20M+ in funding distributed
Significant support for minority- and women-owned businesses
Rapid implementation ensured businesses received relief when it mattered most
Data-driven reporting enhanced funder confidence and program expansion

Why This Matters

The Brookings Institution recognized Indy Chamber’s Rapid Response Loan Fund as a national model for inclusive small business lending. The fund demonstrated that economic development organizations can step in where traditional lenders fall short, particularly in times of crisis. By prioritizing accessibility, flexibility, and equity, the program helped sustain businesses that might otherwise have been left behind. Additionally, the ACCE Named Indy Chamber “Chamber of the Year” due to the program success.

Key Takeaways

This project required high attention to detail, process management expertise, and an understanding of small business lending structures. More importantly, it demonstrated the power of rapid innovation and collaboration in crisis response, ensuring that Indianapolis' small businesses had access to vital financial support when they needed it most.

Rapid Response Loan & Grant Program Development: Supporting Small Businesses Through Crisis