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Minority, community-based lenders can apply for emergency COVID-19 grants

Minority, community-based lenders can apply for emergency COVID-19 grants Published Friday, Feb. 26, 2021, 9:41 am Join AFP s 100,000+ followers on Facebook Purchase a subscription to AFP | Subscribe to AFP podcasts on iTunes News, press releases, letters to the editor: augustafreepress2@gmail.com (© Alexander Borisenko – stock.adobe.com) Minority-owned and community-based lending institutions can now apply for grants through the U.S. Treasury Department to support, prepare for, and respond to the economic impacts of the COVID-19 pandemic response. The funding is available as part of a record $12 billion investment to open up new credit opportunities for Black, Latino and low-income communities that Sen. Mark Warner successfully fought to include in the $900 billion COVID-19 relief bill Congress passed in December.

Small Banks Have Helped Black-owned Businesses Get PPP Funding

(Image: iStock/monkeybusinessimages) However, small community banks have stepped up, providing a lifeline for small Black and minority businesses who were struggling. The issue was so prevalent, when Congress added another $284 billion in new funding for the PPP late last year, $12 billion was specifically earmarked for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). That allowed small minority businesses the time and attention they needed. Smaller banks including Carver, United One, and Citizens Savings and Trust, were not only able to help their customers but also gained some new ones as they also helped small business owners with who they did not have a previous relationship with.

JPMorgan Chase Announces Initiatives to Support Minority-Owned and Diverse-Led Financial Institutions

Share this article Share this article NEW YORK, Feb. 23, 2021 /PRNewswire/  JPMorgan Chase today announced initiatives to further support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs), as part of the firm s recently announced $30 billion commitment to advancing racial equity. MDIs and CDFIs provide vital financial services in communities that are often underserved. In order to provide this necessary funding to underrepresented communities, many MDIs and CDFIs need additional capital themselves. These new initiatives are focused on strengthening minority-owned and diverse-led financial institutions by providing additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects and mentorship and training opportunities. 

JPMorgan and Google launch program to help minority-owned banks

JPMorgan and Google launch program to help minority-owned banks JPMorgan Chase and Google launched a program Tuesday to help banks owned and led by people of color increase their lending capabilities. The new initiative is dubbed “Empowering Change.” It’s designed to help banks that are majority-owned or directed by people of color provide JPMorgan-backed money market funds to large companies. Most minority depository institutions wouldn’t have the resources to service those companies otherwise. The program offers the same services to minority-led community development financial institutions, which offer credit to underserved markets typically overlooked by mainstream lenders. JPMorgan says Empower Change will give minority-owned banks access to corporate clients, providing new revenue streams that can help these banks better serve their communities.

JPMorgan and Google launch program to help minority-owned banks