Meridian Health Plan of Illinois, a leading provider of government-sponsored managed care services, has announced a strategic partnership with Liberty Bank and Trust to create a small business loan program aimed at empowering diverse and minority-owned businesses in Illinois. This collaboration, which is part of Meridian’s broader commitment to promoting diversity, equity, and inclusion, will provide financial support to small businesses with loans ranging from $10,000 to $50,000.
Meridian has contributed $500,000 in seed funding to Liberty Bank’s Lighting Loan Program, which will facilitate up to $2.5 million in lending to minority-owned or minority-led small businesses throughout Illinois. This initiative comes at a time when small businesses, particularly those owned by underserved communities, often face barriers to accessing capital. Through this partnership, businesses can apply for loans with a streamlined process, receiving approval in as little as 48 hours.
Starting in October, eligible small business owners across Illinois are encouraged to apply for loans through the program. In addition to financial support, participants will also gain access to educational programming designed to enhance their business operations, improve service delivery, and increase their ability to serve their local communities. Meridian’s investment in this program is part of its ongoing commitment to ensuring that businesses in Illinois, especially those led by people from diverse backgrounds, have the tools they need to thrive.
“We are excited to collaborate with Liberty Bank and Trust to create this innovative funding model that supports the small businesses making a significant impact in our communities,” said Cristal Gary, President and CEO of Meridian Health Plan of Illinois. “This partnership allows us to contribute directly to the growth of small businesses in Illinois, particularly those led by minority entrepreneurs, aligning with our values of fostering diversity and inclusion.”
Todd O. McDonald, President of Liberty Bank and Trust, expressed his enthusiasm for the partnership, emphasizing the importance of economic empowerment in underserved communities. “This collaboration with Meridian Health Plan of Illinois is a vital step in providing small businesses across Illinois with the capital and resources they need to grow and create jobs,” said McDonald. “At Liberty Bank, we believe in the power of possibility. Through this partnership, we are turning that belief into real, tangible opportunities for small businesses to prosper.”
The program aims to not only help small businesses secure quick access to funds but also to ensure that these businesses have the educational support necessary to foster long-term sustainability and success. Meridian’s involvement underscores its role in advancing economic opportunities for diverse and underserved communities in Illinois.
About Meridian Health Plan of Illinois
Meridian Health Plan of Illinois, part of Centene Corporation, is a leading provider of government-sponsored managed care services for families, children, seniors, and individuals with complex medical needs. The health plan offers Medicaid, Medicare-Medicaid plans, and the YouthCare HealthChoice Illinois program, which is dedicated to addressing the healthcare needs of youth in foster care. Meridian is committed to helping its members live healthier lives by providing access to quality care and comprehensive services.
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. The bank operates branches across 11 states and serves as a trusted Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI). Liberty Bank is dedicated to making a lasting positive impact on the communities it serves by promoting economic development, supporting small businesses, and providing access to financial resources.
