We Need to Revisit the Small Business Lending Process for Women Entrepreneurs

Less than 5% of small biz lending goes to women. Catherine Berman, CEO of CNote, shares insight into one effort to do better in measuring risk for those entrepreneurs and financially underserved communities.

Source: Technically Media


Bank of America Invests in 7 Minority-Owned Institutions

Bank of America said it completed seven investments in minority depository institutions (MDIs) and community development financial institutions (CDFIs) on Monday, part of the bank’s $1 billion, four-year commitment to advance racial equality and economic opportunity in the U.S.

Source: BankingDive


NAACP and Hello Alice partnership Create Grants and Resources for Black-owned Businesses

The center will deploy over $4 million  in grants to Black-owned small businesses and provide mentorship to all who join. All applicants will have full access to resources available on the Hello Alice platform, which includes small business how-to-guides, mentorship, digital support communities, and additional funding opportunities.

Source: NAACP


Small Businesses Await Clarity Before Applying for PPP Loan Forgiveness

The Small Business Administration recently said the amount of forgiveness applications it’s received amounts to just around 2% of all PPP borrowers. Many borrowers are simply waiting to apply until Congress gives more clarity. But the waiting game isn’t easy.

Source: Marketplace


House Passes Updated HEROES Act With CDFI Funding, SAFE Banking Act

The House voted Thursday night to pass an updated HEROES Act COVID-19 relief legislation. CUNA wrote to House leadership Wednesday noting areas it supports, specific concerns and additional suggestions.

Source: Credit Union National Association