Morning Consult, November 10, 2021, The Paycheck Protection Program was Fintech’s ‘Moment to Shine.’ That Spotlight also Revealed the Problems with Those Loans
Fintech companies in the PPP did a disproportionate amount of the lending among Black-owned businesses, according to the analysis. But Fintech’s work with minority communities going forward isn’t a given, policy observers say.
While Marisa Calderon, executive director of the National Community Reinvestment Coalition’s community development fund, said that the “facelessness” of fintech lending could be a bonus for minority borrowers, the structure of the PPP program, where there was very little risk to the lender, might not be a universal example for regulators to watch going forward.
