A bank can be a lifeline when times get tough for your business, but it may be difficult to get a loan if the bank doesn’t know you or trust you. Building that trust can be the difference between rejection or a line of credit. Having a banking relationship is just good for business.
First Citizens Bank announced today a $16 billion community benefits plan — developed in collaboration with the National Community Reinvestment Coalition (NCRC) — that builds on its work to reinvest in low- and moderate-income (LMI) communities and neighborhoods of color.
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.
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.
COVID-19 Small Business Resource The coronavirus has quickly spread into a global pandemic. Governments have taken drastic measures to encourage social distancing. Along with anxieties about contracting and spreading disease, millions of people who were already struggling or living paycheck-to-paycheck face new uncertainties about their financial security. Many organizations and governments have responded with resources …
This week, the Senate passed the Payment Protection Program (PPP) Flexibility Act, already passed by the House in May, sending the bill to the president, who is expected to sign it into law. While the act makes necessary improvements to the PPP, more needs to be done to ensure money is going to minority and women-owned businesses and the smallest small businesses.
Today, the House of Representatives joined the Senate and passed a $484 billion emergency relief bill, including a $321 billion infusion for the Paycheck Protection Program, the small business rescue fund that ran out of money last week.
The $2 trillion federal stimulus plan enacted late last month to help businesses and individuals impacted by the COVID-19 pandemic is already overwhelmed and falling short.
The coronavirus is quickly spreading across America, raising concerns that aren’t only health related. While the full economic implications of the disease are still unknown, what we do know is that the people who will face the biggest financial impacts of COVID-19 are the same people who are already financially strapped.
A cardinal rule of any rulemaking is that a federal agency must use data and analysis to assess the impact of its proposed changes to a regulation. Based on NCRC’s analysis so far, it appears that the OCC and FDIC have flagrantly violated this fundamental rule.