The federal government wants OnPath Federal Credit Union to pay back more than $12 million it received from the Community Development Financial Institutions program that supported the credit union’s mission to serve low-income members, many of whom lost their homes, businesses, cars and livelihoods following Hurricane Katrina.
Source: Credit Union Times
The home improvement retailer has added an additional $5 million in grants for small businesses bringing their total to $30 million. The corporation has donated another $25 million towards supporting small businesses in rural communities.
This new hub for small business resources serves as a one-stop destination bringing together Verizon’s numerous COVID-19 small business relief programs and vital information to help small businesses survive and thrive. Learn more about all of the resources available in the article.
84% of small businesses say they will have used up their PPP loans by the first week in August, according to a survey taken last week of 1,500 businesses that participated in a Goldman Sachs’ training program. The survey unveiled many more unsettling statistics about the fate of small businesses.
Source: CNN Business
Global Data Consortium CEO Bill Spruill says, “All banking is the same, but in the case of putting our money with M&F versus Silicon Valley Bank, that money gets used by a completely different community set.” M&F Bank, which is located in Durham, NC, recycles 83 percent of their deposits back into the community in the form of loans.
Source: Fox Business