US President Joe Biden on Monday created an exclusive pathway for small businesses, which account for nearly half of the American economy, to apply and get loans over the next two weeks amid the continued crush from the coronavirus pandemic.Small businesses are hurting and they need help now, Bide ..
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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 has announced a series of new initiatives Tuesday to support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs) as part of a $30 billion commitment to advancing racial equity over the next five years, especially for Black and Latinx Communities.
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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.