Heard on the Street: CDFI set-asides for PPP loans, and how COVID-19 represents a chance to push for equity

By April 13, 2020 Heard on the Street

Heard on the Street – here’s what we were reading last week:

Dem Senators Block Republican PPP Expansion as They Push for CDFI Set-Aside: Senate Democrats on Thursday blocked Republican plans to provide an additional $250 billion in coronavirus stimulus funds, demanding that some $45 billion in funds be funneled through Community Development Financial Institutions and similar lenders.

Foundations and Nonprofits See Crisis as Opportunity to Advance Equity: As the coronavirus started to spread, a group of grant makers led by the Ford Foundation circulated a pledge that read like a wish list for grantees focused on equity and social justice.

How community banks and local lenders are bridging racial gaps in COVID recovery: The value of the nationwide network of CDFIs is becoming increasingly apparent as the Small Business Administration and other agencies race to rescue the chaotic rollout.

Black-Owned Businesses Could Face Hurdles in Federal Aid Program: Minority business owners have always struggled to secure bank loans. Now, many banks want to deal only with existing customers when making loans through the government’s $349 billion aid package.