The Kresge Foundation issued an RFI to explore the current and unmet demand for forms of capital to support social and economic mobility through workforce development and minority entrepreneurship. Responses are due by 12 p.m. (EST) February 21, 2020.
Source: The Kresge Foundation
Berkshire Bank is opening a series of locations that aren’t banks at all, but spaces whose design and purpose are determined in collaboration with underbanked communities.
Source: Next City
While critics of merchant cash advances point out the rise of predatory lenders and high cost of capital, this form of lending may still be right for entrepreneurs seeking working capital.
The Community Investment Guarantee Pool will unlock $150 million or more for investment in small businesses and other economic development initiatives. The guarantees will back projects deemed risky by traditional lenders, allowing the project to secure loans to entrepreneurs.
Source: Crain’s Detroit Business
Joust, a digital bank for the self-employed, publicly launched with a new app and several new features, including debit card management, invoicing, and analytics.