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Globe Newswire: Allies Praise Biden-Harris Administration Expansion of SBA’s Community Advantage Pilot Program Targeting Access to Capital for Underserved Entrepreneurs

Globe Newswire, March 31, 2022, Allies Praise Biden-Harris Administration Expansion of SBA’s Community Advantage Pilot Program Targeting Access to Capital for Underserved Entrepreneurs

Jesse Van Tol, President and CEO, National Community Reinvestment Coalition: “SBA’s proposed updates to the Community Advantage Pilot Program are an important and timely move to expand access to credit for small businesses and to expand the reach and impact of the program. The program should be expanded to include mission-driven lenders such as Community Development Financial Institutions (CDFIs) and Community Development Corporations. The economic impacts of the pandemic were devastating for small businesses – especially businesses owned by women, people of color, and other business owners who have traditionally lacked access to capital. As our nation looks toward economic recovery, the SBA remains an important partner for diverse small businesses and the specialized lenders who serve them. Community Advantage is an underutilized tool that can help lenders provide more capital to underserved entrepreneurs.”

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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