Feb 10, 2021
NEW ORLEANS (AP) — Small minority-owned businesses have often struggled to gain access to capital and other tools to grow, a challenge made more daunting by the economic upheaval of the coronavirus pandemic. But a new effort announced Tuesday aims to address those disparities in pockets of the nation long gripped by poverty.
Hope Enterprise Corporation, which runs a Jackson, Mississippi-based credit union that specializes in lending and other financial services to underserved communities, is partnering with seven cities and nine historically Black colleges and universities to launch the “Deep South Economic Mobility Collaborative.” Goldman Sachs 10,000 Small Businesses initiative is providing up to $130 million to the endeavor, which will be available to clients in Louisiana, Mississippi, Alabama, Arkansas and Tennessee.