Industry News – September 2, 2021

NCUA’s Streamlined CDFI Application to Open September 12

To qualify, low-income-designated credit unions must register in the NCUA’s CyberGrants system and complete an online participation form. The application will close on October 15.

Source: NCUA

CDFI Fund Announces $5 Billion in New Markets Tax Credits

The U.S. Department of the Treasury’s CDFI Fund announced the Calendar Year 2020 New Markets Tax Credit (NMTC) allocation awards today. The CDFI Fund awarded $5 billion to 100 Community Development Entities (CDEs) from 34 states and the District of Columbia.

Source: CDFI Fund

There’s Still ‘Billions of Dollars in Relief’ Available for Small Businesses

U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman reassures Main Street that the agency is “ready to support our small businesses with whatever programs we have.”

Source: Yahoo Finance

SBA Administrator Outlines Help For Women Entrepreneurs

To mark Women’s Equality Day, which commemorates the 101st anniversary of the 19th Amendment giving women the right to vote, the SBA hosted an online “fireside chat” that outlined the agency’s resources for women small business owners to survive and thrive amid the COVID-19 pandemic, including SBA’s Women’s Business Center network of 136 centers located across the country.

Source: Forbes

SBA Pandemic Loans Are Being Rejected for Common Mistakes. Here’s How to Avoid Them

“A nightmare” is how many business owners describe the process of applying for a COVID-19 emergency loan this year from the SBA. That’s because last year, the agency didn’t require backup documentation. But this year, the SBA is requiring that every “t” be crossed and “i” dotted to cut down on fraud. 

Source: Dallas News