U.S. Department of Treasury Wants Credit Union to Repay $12 Million in CDFI Program Funds.
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
Lowe’s Doubles Small Business Grant Program and Expands Minority Grant Program
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.
Verizon Business Launches Small Business Hub
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.
Small Businesses Say Time and Money are Running Out Fast
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
North Carolina Tech Company Switches to Black-owned Community Bank for $3M Account
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