While $350B in funding was approved through the Paycheck Protection Program, SBA lenders have historically delivered just 5% of loans to Black-owned businesses, 9% to Hispanic-owned businesses, and just 3% in low-income areas. The most vulnerable businesses and their employees have systematically been put last in line for federal support. We needed to put them first.
In a single week of planning, we spoke with nearly 30 different funders, ultimately partnering with the City of New York, Grow America Fund, Amalgamated Bank, and the Inherent Group to raise capital through creative participation and recoverable grant structures. The program delivered more than $23 million in loans to 232 business owners of color and low-moderate-income business owners across New York City.
$23 million in loans deployed
232 businesses received funding
100% of recipients were business owners of color or LMI business owners