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.”
