American Express puts $40M into fund to help minority-owned small businesses recover

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American Express is putting $40 million into a fund that will provide loans and other resources to underfunded small-business owners in the U.S., with a focus on minority-owned companies.
The loans, ranging from $5,000 to $100,000, depending on business’ needs, started going out this week, CNBC reported.
The average amount of the loans is expected to be approximately $28,000, according to CNBC, citing forecasts from the fund.
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American Express announced the program with Accion Opportunity Fund last month, with a stated goal of accelerating small business growth and “building a more equitable financial system."
The fund will focus on historically underfunded small-business owners, such as people of color, women and immigrants.

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