Local organization forms to provide loans to Bay Area minority-owned small businesses
Many small businesses were shut out from the federal government's Paycheck Protection Program that was intended to help them stay afloat during the coronavirus pandemic. Now a local organization is focused on providing loans for small Bay Area businesses, especially those with minority owners.
Read Story$30B Set-Aside for the Most Vulnerable Small Businesses in New PPP Funding is a Carve-Out in Name Only
Congress passed $320 billion in new funding for the Paycheck Protection Program (PPP) Thursday, including $30 billion for lenders with relationships with traditionally underserved businesses. This is a $30 billion carve-out in name only, and will not adequately help the nation’s most vulnerable business owners who were completely left out of the first round of funding.
Read StoryRelief efforts favor households, businesses with deep ties to banks
Read StoryBreaking down how to apply for the SBA loans and who qualifies
Read StoryNation’s Leading Nonprofit Lender Opportunity Fund Launches Small Business Relief Fund Aimed at Raising $50M for Entrepreneurs Affected by COVID-19 Crisis
The CARES Act’s Paycheck Protection Program leaves the most vulnerable behind, and its rocky and inequitable roll-out may bring too little, too late, to Main Street. To fill this ‘stimulus gap,’ Opportunity Fund is raising $50 million to help small businesses survive. The national Fund--in regional partnership with Silicon Valley Community Foundation--has already received over $7 million in commitments from tech giants, Wall Street titans and A-list celebrities.
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