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
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