R3 Score Announces Partnership with Baltimore Development Corporation
Through the partnership, R2 Score will test the efficacy of its platform in helping lenders understand alternative metrics around consumers with below Prime credit scores, irrespective of their criminal history. Baltimore Development Corporation is seeking to use the technology to support more minority and women-owned businesses that may have been negatively impacted by institutional inequities.
Source: Yahoo Finance
Insight Center for Community Economic Development Releases New Report
In partnership with the Samuel DuBois Cook Center on Social Equity at Duke University, Insight Center for Community Economic Development has released its latest report: “Still Running Up the Down Escalator: How Narratives Shape our Understanding of Racial Wealth Inequality.”
Click here to read the report.
SBA increases COVID-19 EIDL cap to $2 million
In addition to raising the loan cap, Administrator Isabella Casillas Guzman announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, such as expanding eligible use and creating a deferred payment period.
FDIC Teams Up With Microsoft and Truist to Create Fund to Invest in Minority-owned Banks
This week, the Federal Deposit Insurance Corporation will unveil a new investment fund backed by corporate giants that offers stakeholders a way to channel much-needed capital to banks owned by and in support of people of color. The new Mission-Driven Bank Fund will exclusively invest at banks that service minority, lower-income and rural communities that often suffer from a lack of long-term capital.
SBA Has Forgiven More Than Half of All PPP Loans
The SBA has officially made forgiveness payments on 6,059,574 PPP loans as of Sept. 5, according to SBA data, or about 53% of all PPP loans.