By Mindy Charski // Photo by Enid Alvarez MDIS GET A BOOST When the U.S. Treasury created the Emergency Capital Investment Program (ECIP), it provided MDIs and CDFIs with an influx of capital that they're using to help minority-owned businesses in their communities. B ack in 2021, Asian Bank in Philadelphia launched its Small Business Booster Loan. The product's name was inspired by the pandemic jabs that were grabbing headlines. The loan can be secured by business assets rather than real estate. That twist could make them attractive for business owners who haven't had the opportunity to acquire hard assets and may otherwise have trouble getting financing. On the flip side, the untraditional collateral means the loan carries inherently higher risks for Asian Bank, which specializes in commercial financing. The Small Business Booster Loan didn't get much initial traction, but something big happened in June 2022 that is motivating Asian Bank to market the product more. The bank's holding company received a $66 million investment from the Department of the Treasury as part of the Emergency Capital Investment Program (ECIP), which increased Asian Bank's capital from $36 million to just over $100 million. Now, the bank has $400 million in assets. While the bank has implemented risk mitigations for the product from the start, president and CEO 52 // ICBA Independent Banker // February 2023