For some Native American tribes, online lending has become a critical part of their economic development efforts. Unlike the federal, state and local governments, which fund operations through levying taxes, Native American tribes rely on economic development enterprises to provide essential government services to their members.
The R&B signer recently announced a second cohort for the Unlocked Futures project. The 14-month accelerator program is a collaborative effort between Legend, Bank of America, and New Profit that is designed to empower inmates who want to become social entrepreneurs.
Source: News One
This week, five members of Congress plan to introduce federal legislation that will ban exorbitant rates on a variety of consumer loans, including payday loans.
Teaming up with investment mogul Daymond Joun and fellow rapper E-40, Chamillionaire will host a pitch competition through Convoz, a social app he created for face-to-face interaction. The competition will run from November 11 to December 6.
The African American Chamber Fund (AACF) will initially offer up to $10 million in loans to black businesses. Borrowers must seek financing through an African-American Chamber of Commerce office, a move to help ensure loans are made in black business communities.
Source: Black Enterprise