Treasury Launches $9B Effort to Reach Business Owners of Color Through CDFIs, MDIs
The Emergency Capital Investment Program (ECIP) is an initiative meant to funnel pandemic relief to nonwhite-owned businesses and low-income consumers through loans, grants and forbearance from CDFIs and minority depository institutions (MDIs). About $2 billion of the program’s funding is set aside for institutions with less than $500 million in assets, and another $2 billion is earmarked for CDFIs or MDIs with less than $2 billion.
Source: Banking Dive
Recognizing the Nation’s Small Business Development Centers
Saint Patrick’s Day not only celebrates the Luck of the Irish, but it also celebrates the day to recognize the Small Business Development Centers (SBDC) and how they can work with small and large communities.SBDC helps more than 6,500 businesses in Nevada and is well versed with many of the companies. The SBDC staff consists of about 40 people scattered around the state in nine offices with the main location at the UNR College of Business.
Source: Nevada Appeal
House Extends Small-Business Rescue, With $93 Billion Still Left
The House voted 415-3 on a bill extending the PPP for two months from its current expiration date of March 31. The Senate is expected to also approve it, with Majority Leader Chuck Schumer saying Tuesday Democrats “want it to pass as quickly as possible.”
The Small Business Administration had approved nearly 7.6 million loans worth more than $687 billion as of March 7. About $92.5 billion remains to be lent.
Source: The Washington Post
Senate Confirms Isabel Guzman to Lead Small Business Agency
The vote to confirm Isabel Guzman was 81-17. She is the 18th member of Biden’s Cabinet to win Senate confirmation.
Guzman is a former Obama administration SBA official who currently heads California’s Office of the Small Business Advocate. In that role, she oversaw efforts to help that state’s small businesses survive the pandemic.