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 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.
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.
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.
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