The National Community Reinvestment Coalition (NCRC) and the Stavros Niarchos Foundation (SNF) today announced the launch of a major new initiative, the SNF Small Business Growth & Recovery Fund.
NCRC surveyed 938 small business owners across nine metropolitan areas from October 23, 2020, to December 29, 2020. The purpose of the survey was to determine whether small business owners explored other options, such as lease and loan modifications to save their businesses, and if so, did they access them.
Rebuilding vulnerable communities reeling from the economic ravages of COVID-19 pandemic will require a heightened public-private partnership—one defined not just by resolute individual and entrepreneurial initiative, social enterprise, and nonprofit capacity-building, but also by thoughtful and visionary public policy re-envisioned with these communities in mind.
Today, the National Community Reinvestment Coalition (NCRC) announced a new $5 million grant program funded by Morgan Stanley to help its member organizations recover and rebuild from the coronavirus pandemic.
The new Paycheck Protection Program (PPP) portal opened January 11, 2021 for new and certain existing PPP borrowers. The new rules from the Small Business Administration (SBA) on both PPP and the targeted Economic Injury Disaster Grant (EIDL) aim to correct some of the lending discrimination uncovered in the first round.
The wealth gap between rich and poor Americans has more than doubled since 1989. The top 1% own more wealth than the entire bottom 90% combined. In the midst of the global pandemic, some of the nation’s super rich have doubled or even tripled their net worth.
The package represents a down payment for a just recovery that will prevent evictions, protect small businesses and provide additional direct payments to millions of families facing continued financial distress as a result of this global pandemic and economic crisis. The package also provides additional funding for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), lenders who can put capital to work in low-income communities and communities of color when and where they need it most.
Donald Trump’s victory four years ago was unimaginable to many, and an emotional blow that only got worse over time. Until now. The post election drama is mostly over. The Electoral College is done. We finally know: Joe Biden will be the 46th president, and Kamala Harris will be many firsts as vice president: Black, South Asian, woman, mom.
Her plan was to seek a bank loan and thus, she reached out for assistance to the DC Women’s Business Center (DCWBC) in late March 2020, right as the pandemic was starting to hit this region hard.
In this report, NCRC extended our previously published analysis of bank branch closures to look at changes from 2017 through 2020.
The report revealed dramatic differences in the costs and lending patterns for different subgroups of Hispanic borrowers, such as Cuban, Mexican and Puerto Rican borrowers. It also found that most Latino borrowers get their mortgages from non-bank mortgage companies and not from banks
Despite published evidence and widespread media coverage of discrimination in the Paycheck Protection Program (PPP) bank loan application process, a second round of tests over the summer showed discrimination continued.
Minority-owned businesses are vital to economic growth, but discriminatory lending hinders access to credit.
The pandemic has triggered the start of what might become a new round of “white flight” in some of the highest cost cities.
Even after troubling findings from previous mystery shopper tests were published and in the news, financial institutions continued to create barriers for minorities and women business owners to access PPP loans.
