Policy News – June 17th, 2021

Treasury Secretary Janet Yellen and Vice President Kamala Harris announced an award of $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs). The grants will be available through Treasury’s CDFI Rapid Response Program (CDFI RRP) and will provide capital for CDFIs to respond to economic challenges, especially within underserved communities.  Visit www.cdfifund.gov for additional information.

 

Primary geographic markets served by CDFI RRP awardees include:

• Major urban areas: 339 organizations receiving $478.7 million in awards
• Small urban areas: 277 organizations receiving $414.2 million in awards
• Rural areas: 245 organizations receiving $353 million in awards

The CDFI RRP award recipients include:

• Loan funds: 463 organizations receiving $571.3 million in awards
• Credit unions: 244 organizations receiving $401.8 million in awards
• Banking entities: 149 organizations receiving $267.1 million in awards
• Venture capital funds: seven organizations receiving $9.4 million in awards

On Tuesday, the Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing to discuss how the pandemic has exacerbated perpetual challenges facing women entrepreneurs, how many women responded with innovative solutions, and ways to support women entrepreneurs, workers, and small business owners.  Witnesses for the hearing included Ms. Sherry Turner, Executive Director of the Kansas City Women’s Business Center, Ms. Natalie Buford-Young, CEO of Springboard Enterprises. View the full hearing here and hearing memo here.

 

Bills of Interest

 

Sen. Benjamin Cardin (D-MD) introduced a bill to require the Minority Business Development Agency of the Department of Commerce to promote and administer programs in the public and private sectors to assist the development of minority business enterprises, to ensure that such Agency has the necessary supporting resources, particularly during economic downturns.