Minority Loans – Feminaust http://feminaust.org/ Fri, 23 Apr 2021 03:49:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 https://feminaust.org/wp-content/uploads/2021/04/cropped-icon-32x32.png Minority Loans – Feminaust http://feminaust.org/ 32 32 How Harris Engages With Community Lenders To Help Small Businesses https://feminaust.org/how-harris-engages-with-community-lenders-to-help-small-businesses/ https://feminaust.org/how-harris-engages-with-community-lenders-to-help-small-businesses/#respond Fri, 23 Apr 2021 02:32:39 +0000 https://feminaust.org/how-harris-engages-with-community-lenders-to-help-small-businesses/ As President Biden nears his 100th day in office, one of the campaign promises looming during his presidency is to ensure that underserved and low-income communities are at the forefront – guard against any economic recovery. It was a conversation he had in public and behind closed doors with senior administration officials, especially Vice President […]]]>


As President Biden nears his 100th day in office, one of the campaign promises looming during his presidency is to ensure that underserved and low-income communities are at the forefront – guard against any economic recovery.

It was a conversation he had in public and behind closed doors with senior administration officials, especially Vice President Kamala Harris. Funds that could help meet that goal could start coming out in June, according to a Treasury Department official.

“The vice president has focused heavily on American small businesses,” said a senior White House official, emphasizing the role of community lenders.

Community Development Financial Institutions (CDFIs) make up the thousands of community lenders across the country that provide capital to small businesses that have difficulty obtaining loans from large banks. The pandemic has disproportionately hit minority and women-owned businesses, and studies have found business owners of color faced greater challenges in obtaining loanseven when they presented a low credit risk.

CHICAGO, IL – APRIL 06: Vice President Kamala Harris makes a stop at Brown Sugar Bakery on the South Side of Chicago with Cook County State Attorney Kim Foxx and Illinois Lieutenant Governor Juliana Stratton on Tuesday April 6, 2021 in Chicago, IL.

Kent Nishimura / Los Angeles Times via Getty Images

Small Business Deputy Administrator for Access to Capital Patrick Kelley in a statement called CDFIs “trusted agents” who “play a critical role in lending to underserved communities.”

“[W]We want to maintain this strong and ongoing partnership under the Biden-Harris administration, ”Kelley said in a statement. “We have worked with CDFIs to redouble our efforts to help eligible borrowers in these communities and ensure small businesses in communities of color and underserved communities have better access to PPP and other COVID emergency assistance programs. -19. “

“This was one of the first questions raised by the vice president after taking the oath of office: the importance of community development financial institutions and minority depository institutions (MDIs),” said the secretary of the treasury. Janet Yellen in a statement to CBS News.

Yellen, observing that the racial wealth gap has remained the same since the 1960s, added: “The Vice President deeply understands that if we are to change this very unfair number – and create an economy that works for everyone – then we have to inject capital. in communities that historically haven’t had access to it so people can buy homes and start small businesses.

When the pandemic struck, only 43% of black business owners received all the paycheck protection program funding they were looking for, the lowest share of any group, according to Federal Reserve research . One in five black businesses that requested a PPP received nothing, a higher proportion than any other group.

In December 2020, Congress passed a second COVID relief bill, which included $ 12 billion in funding for CDFIs and MDIs. This consisted of $ 9 billion in indirect capital investments to financial institutions, with the remaining $ 3 billion providing two pots of grants. The first tranche of $ 1.25 billion for rapid response relief will be disbursed first, and the second tranche of $ 1.75 billion will go to a minority loan program. A Treasury Department official said the quick response money will be distributed no later than the end of June.

Harris, who was still a California senator during this time, signed an early bill from Senator Mark Warner, a Democrat from Virginia, which provided the blueprint for eventual funding for community lenders.

“My two biggest supporters on this were [former Treasury Secretary] Steve Mnuchin and Kamala Harris, ”Warner said in a phone interview with CBS News. “She fully understands the challenges that accompany most black and brown communities. We lost 440,000 black businesses, the majority of which were sole proprietors, and they did not have as much access to P3s because African Americans did not have traditional banking relationships. So she did her due diligence and became a big advocate because then we were trying to take it out of the bill over the summer to get it in. [the COVID-19 Relief Bill]. “

According to officials from the White House and the Treasury Department, the staff of the Vice President and Secretary of the Treasury kept in close contact on this issue and also held two formal meetings to ensure funds would be allocated to communities. who need it most.

The first, a public event in early February, also included attendees from local black chambers of commerce across the country. A second private engagement took place in the West Wing Vice President’s office at the end of March. During this meeting, the two services discussed the implementation of the $ 12 billion allocated by Congress in December.

Alongside the Treasury Department, the Vice-President and her staff also met with various CDFIs.

“We started hearing from this administration during the transition. We were called in by Janet Yellen and Assistant Secretary Wally Adeyemo to let them know – even before they took office – to explain to them what was going on with the current PPP loans, ”said Lisa Mensah, President and CEO of Opportunity Finance Network, a network of over 300 people. CDFI members with nearly $ 27 billion in assets. The vice president’s staff also reached out. “We think part of the promise of this administration is that they took to the ground running with an ear very sensitive to the double burden of rebuilding, but rebuilding in a way that was sensitive to how we were actually going to implement racial healing, ”Mensah said.

As the administration continues to determine how grants and investments will be distributed, Harris is pressuring small businesses to apply.

“The vice-president, for her part, has really focused at this stage on ensuring that the largest and best possible pool of candidates is available, doing her best to be seen as competitive candidates. for those funds, ”a senior White House official said.

Some CDFI officials point out that time is running out. “Of dollars that have already been approved by Congress, those dollars need to flow quickly,” said Brad McConnell, CEO of Allies for Community Business, a non-profit CDFI focused primarily on businesses serving under-represented areas of Canada. Illinois and Indiana. “We’re really encouraged that all signs are that they’re, in fact, going to sink quickly. We just don’t know exactly when exactly yet, but the signs are positive about it. “

Harris also enlisted the help of the private sector to bring wealth and opportunity to underserved communities.

According to a White House official, the vice president had phone calls with Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon.

A spokesperson for JPMorgan Chase said, “We appreciate the opportunity to continue to engage with the Vice President and her office on PPP lending and the importance of community lending and to discuss best practices.”

Bill Bynum, CEO of Hope Enterprise Corporation, an organization that has invested $ 2.9 billion in rural southern areas, said he too had heard from Harris.

“In my conversations with VP Harris, she has made it very clear that she is looking for ways to ensure that the infrastructure resources that the administration prioritizes address this issue in the most vulnerable communities. , including those like the Mississippi Delta and Alabama Black Belt, ”Bynum says. “We have talked a lot about the ability of CDFIs to mobilize private capital from banks that have not served these regions. But CDFIs are very effective at partnering with big banks, with philanthropy, with corporations, as a way to import investments into places where wealth has been extracted for generations.



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An overview of how Kamala Harris engages with community lenders to support small businesses https://feminaust.org/an-overview-of-how-kamala-harris-engages-with-community-lenders-to-support-small-businesses/ https://feminaust.org/an-overview-of-how-kamala-harris-engages-with-community-lenders-to-support-small-businesses/#respond Fri, 23 Apr 2021 02:16:10 +0000 https://feminaust.org/an-overview-of-how-kamala-harris-engages-with-community-lenders-to-support-small-businesses/ As President Biden nears his 100th day in office, one of the campaign promises looming during his presidency is to ensure that underserved and low-income communities are at the forefront – guard against any economic recovery. It was a conversation he had in public and behind closed doors with senior administration officials, especially Vice President […]]]>


As President Biden nears his 100th day in office, one of the campaign promises looming during his presidency is to ensure that underserved and low-income communities are at the forefront – guard against any economic recovery.

It was a conversation he had in public and behind closed doors with senior administration officials, especially Vice President Kamala Harris. Funds that could help meet that goal could start coming out in June, according to a Treasury Department official.

“The vice president has focused heavily on small American businesses,” said a senior White House official, emphasizing the role of community lenders.

Community Development Financial Institutions (CDFIs) make up the thousands of community lenders across the country that provide capital to small businesses that have difficulty obtaining loans from large banks. The pandemic has disproportionately hit minority and women-owned businesses, and studies have shown business owners of color face greater challenges in obtaining loans, even when they are low risk. credit.

Vice President Kamala Harris in Chicago, IL
CHICAGO, IL – APRIL 06: Vice President Kamala Harris makes a stop at Brown Sugar Bakery on the South Side of Chicago with Cook County State Attorney Kim Foxx and Illinois Lieutenant Governor Juliana Stratton on Tuesday April 6, 2021 in Chicago, IL.

Kent Nishimura / Los Angeles Times via Getty Images


Small Business Deputy Administrator for Access to Capital Patrick Kelley in a statement referred to CDFIs as “trusted agents” who “play a critical role in lending to underserved communities.”

“[W]“We want to maintain this strong and ongoing partnership under the Biden-Harris administration,” Kelley said in a statement. “We have worked with CDFIs to redouble our efforts to help eligible borrowers in these communities and ensure small businesses are colored and underserved communities. communities can better access PPP and other COVID-19 emergency assistance programs. “

“This was one of the first questions the Vice President raised after swearing to me: the importance of community development finance institutions and minority depository institutions (MDIs),” Treasury Secretary Janet said. Yellen in a statement to CBS News.

Yellen, observing that the racial wealth gap has remained the same since the 1960s, added: “The Vice President deeply understands that if we are to change this very unfair number – and create an economy that works for everyone – then we have to inject capital. in communities that historically haven’t had access to it so people can buy homes and start small businesses. “

When the pandemic struck, only 43% of black business owners received all the paycheck protection program funding they were looking for, the lowest share of any group, according to Federal Reserve research . One in five black businesses that requested a PPP received nothing, a higher proportion than any other group.

In December 2020, Congress passed a second COVID relief bill, which included $ 12 billion in funding for CDFIs and MDIs. This consisted of $ 9 billion in indirect capital investments to financial institutions, with the remaining $ 3 billion providing two pots of grants. The first tranche of $ 1.25 billion for rapid response relief will be disbursed first, and the second tranche of $ 1.75 billion will go to a minority loan program. A Treasury Department official said the quick response money will be distributed no later than the end of June.

Harris, who was still a California senator during this time, signed an early bill from Senator Mark Warner, a Democrat from Virginia, which provided the blueprint for eventual funding for community lenders.

“My two biggest supporters on this were [former Treasury Secretary] Steve Mnuchin and Kamala Harris, “Warner said in a telephone interview with CBS News.” She fully understands the challenges that accompany most black and brown communities. We lost 440,000 black businesses, the majority of which were sole proprietors, and they did not have as much access to P3s because African Americans did not have traditional banking relationships. So she did her due diligence and became a big advocate because then we were trying to take it out of the bill over the summer to get it in. [the COVID-19 Relief Bill]. “

According to officials from the White House and the Treasury Department, the staff of the Vice President and Secretary of the Treasury kept in close contact on this issue and also held two formal meetings to ensure funds would be allocated to communities. who need it most.

The first, a public event in early February, also included attendees from local black chambers of commerce across the country. A second private engagement took place in the West Wing Vice President’s office at the end of March. During this meeting, the two services discussed the implementation of the $ 12 billion allocated by Congress in December.

Alongside the Treasury Department, the Vice-President and her staff also met with various CDFIs.

“We started hearing about this administration during the transition. We were called in by Janet Yellen and Deputy Secretary Wally Adeyemo to brief them – even before they took office – to explain what was happening with the current PPP loans.” , said Lisa Mensah, President and CEO. Opportunity Finance Network, a network of over 300 CDFI members with nearly $ 27 billion in assets. The vice president’s staff also reached out. “We think part of the promise of this administration is that it took over with an ear very sensitive to the double burden of rebuilding, but rebuilding in a way that was sensitive to how we were actually going. implement racial healing, ”Mensah says.

As the administration continues to determine how grants and investments will be distributed, Harris is pressuring small businesses to apply.

“The vice-president, for her part, has really focused, at this stage, to ensure that the largest and best possible pool of candidates is available, to do her best to be considered competitive candidates. for those funds, “a senior White House official said.

Some CDFI officials point out that time is running out. “Of dollars that have already been approved by Congress, those dollars need to flow quickly,” said Brad McConnell, CEO of Allies for Community Business, a non-profit CDFI focused primarily on businesses serving under-represented areas of Canada. Illinois and Indiana. “We’re really encouraged that all of the signs are pointing to they’re, in fact, going to sink quickly. We just don’t know exactly on what date yet, but the signs are positive about that.”

Harris also enlisted the help of the private sector to bring wealth and opportunity to underserved communities.

According to a White House official, the vice president had phone calls with Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon.

A spokesperson for JPMorgan Chase said, “We appreciate the opportunity to continue to engage with the Vice President and her office on PPP lending and the importance of community lending and to discuss best practices.”

Bill Bynum, CEO of Hope Enterprise Corporation, an organization that has invested $ 2.9 billion in rural southern areas, said he too had heard from Harris.

“In my conversations with Vice President Harris, she made it clear that she was looking for ways to ensure that the infrastructure resources that the administration prioritizes address this issue in the most vulnerable communities,” including those like the Mississippi Delta and Alabama Black Belt, “Bynum says.” We’ve talked a lot about the ability of CDFIs to raise private capital from banks that have not served these areas. But CDFIs are very effective at establishing partnerships with big banks, with philanthropy, with corporations, as a way to import investments into areas where wealth has been extracted for generations. “



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Revolutionary Women’s Business Center to Open in Phoenix https://feminaust.org/revolutionary-womens-business-center-to-open-in-phoenix/ https://feminaust.org/revolutionary-womens-business-center-to-open-in-phoenix/#respond Fri, 23 Apr 2021 01:09:43 +0000 https://feminaust.org/revolutionary-womens-business-center-to-open-in-phoenix/ The United States Small Business Administration (SBA) ad in January that a grant of $ 150,000 for the launch of a business center for women would be given to the non-profit organization Chicanos Por La Causa, Inc. After months of preparation, the new entrepreneurs and experienced users can expect a “soft opening” to be available […]]]>


The United States Small Business Administration (SBA) ad in January that a grant of $ 150,000 for the launch of a business center for women would be given to the non-profit organization Chicanos Por La Causa, Inc. After months of preparation, the new entrepreneurs and experienced users can expect a “soft opening” to be available online as early as May.

The SBA grant in the amount of $ 150,000 will allow a business center for women to focus on “empowering” minority women. But the resources will also be available to all entrepreneurs, regardless of their gender or social status. Resources provided will include: personalized coaching, workshops, microcredits, networking, technical assistance and other resources that can enhance the entrepreneurial skill set.


READ ALSO: Here are the most influential women in Arizona business for 2020


These opportunities will be available virtually throughout the initial stages and will eventually adjust to in-person appointments at the Buckeye Commerce Center, home to one of Chicanos Por La Causa’s other divisions.

This division, Prestamos CDFI (Community Development Financial Institution), will oversee the Women’s Business Center. Prestamos CDFI is one of several community development programs with Chicanos Por La Causa that has been able to provide loans, like the Payroll Protection Program (PPP) loan, to help small businesses. Lisa Gonzalez, CDFI Prestamos member of the business development department, says the Women’s Business Center will go beyond that.

“The PPP loan is more like a band-aid,” Gonzalez said. “It’s going to get you out of this, but the Women’s Business Center is supposed to provide security. This can ensure that you have the groundwork in place so that when a pandemic strikes you don’t get hit as badly as you have all the resources you can pivot on. ”

Minority companies have been particularly affected by the pandemic, emotionally and financially. Figures from an American Chamber of Commerce Press release show that 78% of minority-owned businesses feared they might have to close in May 2020. Brenda Perez, owner of small Textiles Curiosidades Mexico, experienced this firsthand as she watched in distress as businesses shut down in Desert Sky Mall, the headquarters of her small business, around the same time of year. last.

“Little by little, we saw the shopping center with fewer and fewer people. Then suddenly one store closed, then another. We were worried, ”Perez said.

Around the same time last year, Perez was preparing for the top grossing time of year, Cinco de Mayo, but was cut short by the effects of the pandemic. This year, Perez has a sense of stability after receiving a PPP loan from Prestamos CDFI. She said the loan was “huge” for them, but she still hopes to receive more security for her small business at the Women’s Business Center.

“Once I read what they offer when it comes to individual courses, especially in accounting and marketing, I signed up. I’m so excited to get a call from them and get involved in their program, ”said Perez.

Eager entrepreneurs like Perez have a few more weeks to wait before these opportunities are at their fingertips. Lisa Gonzalez of Prestamos CDFI clarified that the startup process still needs some finishing touches, including signing a lease and launching the official website. In the meantime, Laura Suarez, director of programs at the Women’s Business Center, recommended that entrepreneurs prepare to explore the centre’s resources, especially those related to financial literacy.

Suarez said: “Time and time again entrepreneurs live day to day with their finances and generally don’t understand what it means to have a profit, balance sheet or statement of cash flow, and what it means. means for the future of their business. “

Suarez is excited to help provide these resources that will lay the foundation for entrepreneurs. She explained that much of this excitement stems from her roots, coming from a family whose income depended on her father’s small business. She remembered “living on rice and beans,” so she is optimistic that this program will help this generation of small business owners have a better chance of getting strong from scratch.

Lisa Gonzalez of Prestamos CDFI is equally excited to launch the Women’s Business Center. She called the program a “game changer,” because of its potential as a “one-stop-shop” for entrepreneurs trying to achieve their dreams, especially during the pandemic.

Gonzalez is eager to get through the start-up process and is actively looking for organizations that might want to help keep the Women’s Business Center running and alive.

“Any business wishing to get involved in this area or making donations, or even just wanting to be a part of it so that you can see the next generation of businesses grow, please contact us so we can find a way to connect,” Gonzalez said.

Anyone trying to coordinate with the Women’s Business Center can contact Program Director Laura Suarez at laura.suarez@cplc.org.



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Louisville mayor’s budget plan ‘reinvents’ public safety with more money for violence prevention https://feminaust.org/louisville-mayors-budget-plan-reinvents-public-safety-with-more-money-for-violence-prevention/ https://feminaust.org/louisville-mayors-budget-plan-reinvents-public-safety-with-more-money-for-violence-prevention/#respond Thu, 22 Apr 2021 22:42:00 +0000 https://feminaust.org/louisville-mayors-budget-plan-reinvents-public-safety-with-more-money-for-violence-prevention/ JENNIFER: – RICK: HIS BUDGET ALSO FOCUSED ON PUBLIC SAFETY AND RACIAL RIDING WLKY’S MARK VANDERHOFF JOINS US LIVE FROM METRO HALL WITH MORE. MARK, WHAT IS IN THIS PLAN? REPORTER: SOME OF THE PRIORITIES INCLUDE SMALL BUSINESS ASSISTANCE FOR COLLEGES AND VOCATIONAL TRAINING AND MORE MONEY THAN EVER FOR VIOLENCE PREVENTION PROGRAMS. WITH CRIME […]]]>


JENNIFER: – RICK: HIS BUDGET ALSO FOCUSED ON PUBLIC SAFETY AND RACIAL RIDING WLKY’S MARK VANDERHOFF JOINS US LIVE FROM METRO HALL WITH MORE. MARK, WHAT IS IN THIS PLAN? REPORTER: SOME OF THE PRIORITIES INCLUDE SMALL BUSINESS ASSISTANCE FOR COLLEGES AND VOCATIONAL TRAINING AND MORE MONEY THAN EVER FOR VIOLENCE PREVENTION PROGRAMS. WITH CRIME DURING THE PANDEMIC, THE PROPOSED BUDGET INCREASES SPENDING FOR PUBLIC SECURITY PROGRAMS OUTSIDE THE POLICE DEPARTMENT, FROM $ 5 TO $ 20 MILLION BUSINESSES AND WORKERS ALSO FIGHT. THEREFORE THE BUDGET INCLUDES $ 10 MILLION FOR THE WEST END LOUISVILLE PARTNERSHIP, A NEW ECONOMIC DEVELOPMENT PROGRAM, $ 2.7 MILLION IN ASSISTANCE TO SMALL BUSINESSES AND $ 1.5 MILLION IN BUSINESS LOANS. THE CITY ALSO CONTRIBUTES $ 3 MILLION TO EVOLUTION 502, WHICH GIVES COLLEGE SCHOLARSHIPS TO JCPS STUDENTS. AND $ 350,000 FOR THE FUTURE WORK INITIATIVE WITH MICROSOFT THAT PROVIDES TRAINING FOR DATA JOBS AND ARTIFICIAL INTELLIGENCE. FISCHER SAYS CITY MUST ENSURE ALL RESIDENTS PARTICIPATE IN ECONOMIC RECOVERY. MAYOR FISCHE PART OF OUR STRATEGY IS TO INVEST IN PROGRAMS THAT HAVE PROVEN RESULTS. WITH INCREASED FUNDING, WE CAN SCALE THESE PROGRAMS AND INCREASE THEIR IMPACT ON INDIVIDUALS AND FAMILIES. WE ARE PROUD OF THESE EFFORTS BUT KNOW THAT WE MUST DO MORE TO IMPROVE THE ECONOMIC OUTLOOK FOR OUR CITY AND OUR RESIDENTS. REPORTER: DESPITE ALL THE ECONOMIC PROBLEMS WE HAVE SEEN, CITY OFFICIALS SAY TURNOVER IS EXPECTED TO GROW A LITTLE OVER 3% OVER THE NEXT TAX YEAR. THEREFORE, NO MAJOR BUDGET Cuts. AND THIS PROPOSED $ 986 MILLION BUDGET DOES NOT EVEN INCLUDE $ 430 MILLION

Louisville mayor’s budget plan ‘reinvents’ public safety with more money for violence prevention

Louisville Mayor Greg Fischer wants to maintain funding for the Louisville Metro Police Apartment, but quadruple the amount the city spends on violence prevention programs. reporters Thursday, hours before his annual budget speech. He said he wanted to reinvent public safety, and his proposed budget also includes investments that he says will allow more people to participate in the city’s economic recovery, as COVID-19 vaccinations are giving the boost. hope the pandemic will begin to fade away. Funding for violence prevention programs would increase from $ 4.9 million to $ 19.5 million in expected federal stimulus for the city over the next year as the US Treasury has yet to issued guidelines on how the money can be spent, Fischer said. million. This would include: $ 5 million for new “diversion and diversion” programs. In these programs, social workers can accompany a police officer or be sent in place of a police officer, for example. $ 550,000 for the Group Violence Initiative, which aims to help known offenders so that they do not continue to commit crimes. program that provides educational and vocational opportunities for young offenders. Fischer’s budget also proposes spending for programs aimed at building wealth in minority communities. Highlights include: $ 10 million for the West End Louisville Partnership, a new economic development program approved by the state legislature that could provide $ 10 million in additional state funds. $ 10 million for the Affordable Housing Trust Fund. $ 3 million for a down payment assistance program To enable more Louisville residents to participate in the economic recovery, Fischer also wants to provide job training opportunities and small business assistance. This includes: $ 2.7 million in assistance to small businesses. $ 1.5 million for METCO loans, which often serve as bridges for small businesses seeking commercial loans from banks. Contribution of $ 3 million to Evolve 502, which provides college scholarships to JCPS students. $ 350,000 for the future of Work Initiative with Microsoft, which offers training in data and artificial intelligence. Despite the economic difficulties of the past year, revenues have not fallen as much as those responsible for the city ​​foresaw it. Revenue is also expected to increase by just over three percent in the next fiscal year. These conditions, combined with federal stimulus measures, mean the budget proposal does not include major budget cuts, Fischer said.

Louisville Mayor Greg Fischer wants to maintain funding for the Louisville Metro Police Apartment, but quadruple the amount the city spends on violence prevention programs.

“Putting more money just in the police force is not a practical strategy and it does not work,” Fischer told reporters on Thursday, hours before his annual budget speech. He said he wanted to reinvent public safety.

His proposed budget also includes investments that he says will allow more people to participate in the city’s economic recovery, as COVID-19 vaccinations give hope that the pandemic will begin to subside.

The $ 986 million plan does not include $ 430 million in federal stimulus that is expected to be delivered to the city over the next year, as the U.S. Treasury has yet to release guidance on how the money can be spent, Fischer said.

Funding for violence prevention programs would increase from $ 4.9 million to $ 19.5 million. This would include:

  • $ 5 million for new “diversion and diversion” programs. In such programs, social workers may accompany a police officer or be sent in his stead, for example.
  • $ 550,000 for the Group Violence Initiative, which aims to help known offenders avoid continuing to commit crimes.
  • $ 500,000 for Reimage, a program that provides education and job training opportunities for young offenders.

Fischer’s budget also proposes spending for programs aimed at building wealth in minority communities. Strengths include:

  • $ 10 million for the West End Louisville Partnership, a new economic development program approved by the state legislature that could provide $ 10 million in additional funds for the state.
  • $ 10 million for the Affordable Housing Trust Fund.
  • $ 3 million for a down payment assistance program to increase homeownership.

To ensure that more Louisville residents participate in the economic recovery, Fischer also wants to provide job training opportunities and help small businesses. Including:

  • $ 2.7 million in assistance to small businesses.
  • $ 1.5 million for METCO loans, which often serve as bridges for small businesses seeking commercial loans from banks.
  • Contribution of $ 3 million to Evolve 502, which provides college scholarships to JCPS students.
  • $ 350,000 for the Future of Work initiative with Microsoft, which offers training in data and artificial intelligence.

Despite the economic turmoil of the past year, revenues have not fallen as much as city officials expected. Revenue is also expected to increase by just over 3% over the next fiscal year.

These conditions, combined with federal stimulus measures, mean the budget proposal does not include major budget cuts, Fischer said.

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Congressional Democrats, including Senator Padilla of California, launch bill to make college free for many students https://feminaust.org/congressional-democrats-including-senator-padilla-of-california-launch-bill-to-make-college-free-for-many-students/ https://feminaust.org/congressional-democrats-including-senator-padilla-of-california-launch-bill-to-make-college-free-for-many-students/#respond Thu, 22 Apr 2021 21:28:03 +0000 https://feminaust.org/congressional-democrats-including-senator-padilla-of-california-launch-bill-to-make-college-free-for-many-students/ As millions of students struggle to pay for the skyrocketing costs of attending college, a group of Democratic lawmakers this week unveiled a plan to offset the cost of higher education for many Americans and end to what they describe as a spiral of debt. College for All Act would make community colleges and trade […]]]>


As millions of students struggle to pay for the skyrocketing costs of attending college, a group of Democratic lawmakers this week unveiled a plan to offset the cost of higher education for many Americans and end to what they describe as a spiral of debt.

College for All Act would make community colleges and trade schools free to all, while public four-year colleges and universities, as well as non-profit institutions serving minorities such as historically black colleges, would be free to all students whose families earn less than $ 125,000 per year.

On top of that, the proposal aims to double the maximum Pell grant to nearly $ 13,000 for the 2021-2022 school year, and to expand eligibility to “Dreamers” – students who are affected by the DREAM Act or the deferred action program for the arrival of children. .

And, to help millions of low-income students, first-generation students, and students with disabilities, the bill triples federal TRIO and doubles GEAR funding.

A summary of the invoice touts it as “the most substantial expansion of higher education” since the Higher Education Act of 1965 was enacted by President Lyndon B. Johnson.

“It would make transformative and unprecedented investments in higher education” and “would allow students from families earning less than $ 125,000 a year to attend university without fear of grappling with student loan debt.” , indicates the summary.

The plan would be funded by new taxes on Wall Street speculation – including stock transactions, bonds and derivatives – something that would bring in up to $ 2.4 million over the next decade.

About 75% of the cost of eliminating tuition and fees in public institutions would be borne by the federal government, with the states taking the remaining share.

The bill was introduced Wednesday by Sen. Bernie Sanders, D-Vermont, and Representative Pramila Jayapal, D-Washington.

“It is absolutely unacceptable that hundreds of thousands of bright young Americans do not get a higher education every year, not because they are not qualified, but because their families do not have enough money,” Sanders said. “It is a long time ago to make public colleges and universities tuition-free and debt-free for working families.”

More than half a dozen Democrats in the Senate co-sponsor the legislation, including California Senator Alex Padilla.

“As a first generation student, I know the barriers far too many people face in accessing quality and affordable higher education.” Padilla said. “Every American deserves a chance to achieve the American Dream without having to make the impossible choice of getting a degree or being in debt for life.”

For many, the financial burden of higher education lasts long after graduation. More than 42 million Americans hold federal student loans of a combined $ 1.5 trillion, according to Department of Education data. And about 9 million student loan borrowers are in default on their federal loans.

The tuition-free college proposal comes amid a push by lawmakers to write off some student debt. In February, Padilla was among the cosponsors of a resolution calling on President Joe Biden to write off up to $ 50,000 in student loans for federal borrowers through executive action.

Biden has previously reported that he supports up to $ 10,000 in student loan forgiveness per borrower, and his administration is examining whether the president can use his authority to take action to ease student debt without help from Congress.

Calls for debt cancellation have escalated after years of rising tuition fees that have helped inflate national student debt.

In an effort to provide relief shortly after the outbreak of the COVID-19 pandemic last year, the Trump administration suspended federal student loan payments and set interest rates at 0%. When he took office in January, Biden extended the moratorium at least until the end of September.



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Bernie Sanders and Rep Pramila Jayapal present the College for All program https://feminaust.org/bernie-sanders-and-rep-pramila-jayapal-present-the-college-for-all-program/ https://feminaust.org/bernie-sanders-and-rep-pramila-jayapal-present-the-college-for-all-program/#respond Thu, 22 Apr 2021 20:14:30 +0000 https://feminaust.org/bernie-sanders-and-rep-pramila-jayapal-present-the-college-for-all-program/ April 22, 2021 | : Senator Bernie Sanders, I-Vt. and Representative Pramila Jayapal D-Wash. introduced the College for All plan, a law that would make university free for millions of people and support people from working-class families attending minority institutions, CNBC reported. Senator Bernie Sanders The plan provides free education for students in community colleges […]]]>



Senator Bernie Sanders, I-Vt. and Representative Pramila Jayapal D-Wash. introduced the College for All plan, a law that would make university free for millions of people and support people from working-class families attending minority institutions, CNBC reported.

Senator Bernie Sanders

The plan provides free education for students in community colleges and public trade schools. And for students from families earning less than $ 125,000 per year, tuition fees would be waived at four-year public schools, historically black public and private colleges and universities (HBCUs), and other institutions serving women. minorities.

“The bill would double the maximum amount of the Pell scholarship to $ 12,990, from $ 6,495, for the 2021-2022 school year, make so-called dreamers eligible for loans and ensure that students could use the money for living conditions and other expenses not related to tuition fees. It would also increase funding for programs that help low-income children, people with disabilities and first-generation students. ” CNBC reported.

The costs would be borne by the federal government, state governments and a financial transaction tax on Wall Street.

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Funding to allow flexibility for restaurateurs | Greene County https://feminaust.org/funding-to-allow-flexibility-for-restaurateurs-greene-county/ https://feminaust.org/funding-to-allow-flexibility-for-restaurateurs-greene-county/#respond Thu, 22 Apr 2021 19:46:00 +0000 https://feminaust.org/funding-to-allow-flexibility-for-restaurateurs-greene-county/ On Friday, restaurateurs can learn the ins and outs of the Restaurant Revitalization Fund from the comfort of their home or restaurant. The Albany Small Business Development Center will host a webinar to help restaurateurs with the application process from 8 a.m. to 9 a.m. on Friday. The Restaurant Revitalization Fund is a $ 28.6 […]]]>


On Friday, restaurateurs can learn the ins and outs of the Restaurant Revitalization Fund from the comfort of their home or restaurant.

The Albany Small Business Development Center will host a webinar to help restaurateurs with the application process from 8 a.m. to 9 a.m. on Friday. The Restaurant Revitalization Fund is a $ 28.6 billion initiative included in the US bailout.

The program, which prioritizes small minority-owned businesses, is expected to go live in the coming weeks.

The Interim Director of the Small Business Development Center, Kate Baker, stressed the importance for restaurateurs to prepare and prepare their application when the SBA portal goes live.

“It’s more difficult for [rural businesses] to access some of the COVID relief programs, ”she said. “It’s very important to make sure that every eligible business gets the first bite of the apple.”

The program is open to independent restaurants in 20 locations or fewer, as well as food trucks, caterers and other types of food service businesses, Baker said.

Applicants will subtract their 2020 income from their 2019 income to determine how eligible they are. Funding received through the Paycheck Protection Program will be deducted from a company’s qualifying amount, while economic disaster damage loans or New York term loans will not be charged against the. business, Baker said.

“There will be a seven-day pilot period week where the only applicants who will be processed are those who are 51% women, minorities or veterans,” Baker said.

Priority will also be given to companies with revenues of less than $ 50,000, she said.

The maximum award amount per location is $ 5 million, with a cap of $ 10 million per nominee, Baker said.

“In order to have enough money for each qualifying restaurant, it has to be closer to $ 400 billion,” Baker said. “We want rural restaurants, small independents who are often left behind in programs, to be at the door from day one.

The funds can be used for all legitimate business expenses, such as expanding outdoor seating, Baker said.

The money can also be spent on monthly debt payments, but it can’t be used to pay off the principal, Baker said.

“There are very few restrictions on this funding, which gives restaurateurs the flexibility they need to make the decisions that are right for your businesses about what a government entity feels they need to do,” she said.

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American Rescue Plan has $ 4 billion for food distribution, aid to producers https://feminaust.org/american-rescue-plan-has-4-billion-for-food-distribution-aid-to-producers/ https://feminaust.org/american-rescue-plan-has-4-billion-for-food-distribution-aid-to-producers/#respond Thu, 22 Apr 2021 18:10:52 +0000 https://feminaust.org/american-rescue-plan-has-4-billion-for-food-distribution-aid-to-producers/ President Biden enacted a law The American Rescue Plan Act of 2021, or ARP for short, on March 11 after a party vote in the US Senate and no Republican support to go along with two Democratic “no” votes in the US House. The law provides US citizens with financial support during the COVID-19 pandemic. […]]]>


President Biden enacted a law The American Rescue Plan Act of 2021, or ARP for short, on March 11 after a party vote in the US Senate and no Republican support to go along with two Democratic “no” votes in the US House. The law provides US citizens with financial support during the COVID-19 pandemic.

Many people are familiar with the third set of stimulus checks stemming from the legislation, but the ARP understands additional provisions for economic aid, including emergency funding for states, homeowner aid, and small business credit.

In light of the partisan vote for the law, we noted that one of the leaders of the Iowa Democratic Party, the state Senate Minority Leader Zach Wahls, promoted the law by writing in one of his weekly newsletters:

“The US Federal Rescue Plan will buy more food from farmers for distribution through food banks, nonprofits, and restaurants, helping feed families in need and supporting farmer bottom lines.

In an email exchange with The daily Iowan, Wahls referred to a US Department of Agriculture March 10 fact sheet as the main source of his complaint, which corresponded almost word for word to his newsletter. But does that mean more money is spent on farmers?

The answer is yes, even though the money allocated in this program also goes to non-farmers.

Chris Nelson, director of performance for the US Department of Agriculture, said in a telephone interview with the DI that $ 4 billion is added to the USDA budget for spending in 2021 and years to come. Sub-section A of the PRA Chapter 1001 states that $ 4 billion will be earmarked for USDA to fund the agricultural relief effort of the legislation.

However, Nelson said the USDA has yet to determine where, precisely, to spend the $ 4 billion.

Nelson said the USDA annually publishes a budget report for the following year. He said the fiscal year 2022 budget, which would normally have been released two months ago, has been delayed due to the presidential transition and will not be released until May or June.

the USDA Budget Summary for Fiscal Year 2021, published in February 2020 does not include the $ 4 billion ARP.

As for the legislation’s farm relief effort, the $ 4 billion is to be used to purchase fresh food and distribute it to nonprofits, food banks and restaurants, according to Chapter 1001. The same section also states that the $ 4 billion is intended to fund loans and grants for food processors, distributors and producers as additional aid in response to the pandemic.

Andrew Wheeler, the Iowa Farm Bureau’s media contact, said efforts to buy fresh produce directly from farmers tend to occur over an extended period of time due to the need to wait until the end of the growing season.

Our decision

How the US bailout is to be spent remains to be determined. But, while the law doesn’t specifically call farmers by name, it explicitly orders a new USDA $ 4 billion credit to purchase fresh food for nonprofits, food banks, and restaurants, as well. that additional relief for non-farmers in the food supply chain.

We assess this statement as true.



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Paycheque Protection Program Needs To Be Expanded And Replenished To Help Smaller Businesses https://feminaust.org/paycheque-protection-program-needs-to-be-expanded-and-replenished-to-help-smaller-businesses/ https://feminaust.org/paycheque-protection-program-needs-to-be-expanded-and-replenished-to-help-smaller-businesses/#respond Thu, 22 Apr 2021 15:36:04 +0000 https://feminaust.org/paycheque-protection-program-needs-to-be-expanded-and-replenished-to-help-smaller-businesses/ By Neil Hare The PPP is about to expire as regulatory changes have finally given priority to small businesses that … [+] need it most. Getty One year after Paycheque Protection Program (PPP), it’s clear that America’s smallest businesses – especially those owned by minorities, women, and veterans – have struggled to access government support. […]]]>


By Neil Hare

One year after Paycheque Protection Program (PPP), it’s clear that America’s smallest businesses – especially those owned by minorities, women, and veterans – have struggled to access government support. And now, just as recent regulatory changes have finally given them priority, the program will expire on May 31, 2021. To ensure that these companies survive the challenges of the Covid-19 pandemic, the PPP should be extended until the end of 2021 and replenished with at least $ 75 billion.

Despite some harsh criticism, obvious loopholes and constantly evolving rules, the PPP has largely been a success. For many businesses, it was the intended lifeline to survive the Covid-19 pandemic and shutdowns. But for many other companies, this was not enough and they fell victim to the economic effects of the pandemic. Thanks to the Economic Aid Act (EAA) signed by President Trump in December 2020 and the US Rescue Plan (ARP) signed by President Biden in March 2021, we are now in the third round of PPP funding. Smaller businesses are finally getting what they need, but most observers predict funds will run out before the May 31 deadline.

Positive impact of bipartite regulatory changes

In December and February, there were three critical regulatory changes that collectively and significantly addressed the needs of businesses with fewer than 20 employees as well as minority-owned, women-owned and veteran-owned businesses. In December, President Trump increased origination fees so that small loans, typically $ 10,000 to $ 15,000 each, became profitable for more lenders who previously ignored smaller businesses. In February, President Biden simplified rules for independent contractors and sole proprietors, allowing them to use gross income rather than net income to support their loan applications, and set aside $ 1 billion just for these businesses.

And, perhaps more usefully, the February rules also created an exclusive 14-day loan application period for businesses with less than 20 employees, which make up 98% of small businesses in America. A Small Business Administration (SBA) study from March 9, 2021 reported that the exclusive 14-day period had the desired effect, showing a dramatic increase in the average daily loan rate during this period compared to the 10-day prior rate. The SBA reported the following statistics:

  • Minority-owned business apps increased 20%, with 1,000 more businesses accessing relief every day
  • Women-owned businesses up 14%, or 600 more businesses with access to relief every day
  • Small rural businesses up 12%, or 1,000 more businesses accessing relief every day

The last round of PPP funding also set aside funds for smaller businesses and those in economically struggling areas of the country. This included $ 15 billion for first PPP draws for companies with less than 10 employees, $ 25 billion for second draws for the same group, and $ 15 billion for community financial institutions that primarily fund companies owned by companies. minorities and women.

The SBA further reported the following additional positive impacts on smaller businesses:

  • P3 loans to small businesses with less than 10 employees are up 60% from the same period last year.
  • 94% of PPP loans in the current cycle went to companies with less than 20 employees representing 51% of loan volume.

While these figures are encouraging, many parts of the country remain under orders for closures or other restrictions on businesses, especially retailers and restaurants. While vaccine distribution programs help, there are still outbreaks of Covid-19 as well as a large percentage of the population saying they will not get vaccinated. It is clear that more help is needed for small businesses.

What should he follow after the last PPP deadline?

A study by Facebook of more than 11,000 small business owners showed that as of December 31, 2020, 25% of small businesses were closed temporarily or permanently. Out of about 24 million small businesses in America, that translates to 6 million businesses that never reopen or suffer huge losses. And, according to the Quarterly Index from the United States Chamber of Commerce, in the first quarter of 2021, 75% of small businesses remained concerned about the negative impact of Covid on their business despite the new vaccines. While there is optimism about vaccines, the majority of companies in the House Index believe it will be six months to a year before business returns to normal.

So what should happen next to help small businesses in America? Here are five ideas:

  1. Extend the PPP until December 31, 2021, fund it with at least $ 75 billion, and cap loans at $ 50,000. It’s the fastest, easiest way to help 15 million small businesses. EAA and ARP have made significant improvements to PPPs that have clearly helped businesses owned by minorities, women and ex-combatants, as well as those in low-income communities. Why stop now? PPPs can continue to be improved through 2021 to lower the loan ceiling, make it easier to secure second drawdowns, and relax forgiveness rules – all for the smallest and most vulnerable small businesses.
  2. Create and finance new support mechanisms for small businesses. In addition to the new PPP funds, recent legislation has brought additional relief to the hardest hit sectors like restaurants and live entertainment venues. Although these new grant programs are slow to come online, eventually the money will start pouring in and providing much needed help. But the government should not stop there. New programs for different sectors, geographies and demographic groups are expected to be developed and brought online in 2021 and 2022. PPPs have shown that government can be creative and work quickly in a bipartisan fashion when the stakes are high – and they are. always.
  3. Reduce the regulatory and tax burden on small businesses. Filing quarterly taxes alone costs business owners time and money. Not to mention the magnitude of the tax burden that disproportionately impacts small businesses. Large businesses have many opportunities for tax evasion that small businesses do not have, and they should not be lumped together in the same tax policy. Now is the perfect opportunity to make changes to make it easier for small businesses to keep the income they have instead of returning it to government when they need it most. Extending a tax holiday by a few quarters would be a simple and effective way to start.
  4. Empower fintechs and other private lenders to finance small businesses. According to the Innovative Lending Platform Association, online lenders have stepped in to provide around 500,000 PPP loans to help banks meet demand. Some of these lenders include Paypal and Square and fintechs such as Kabbage and Fundbox. New businesses are also coming online to meet the financing needs of small businesses. San Francisco-based start-up SMBX, for example, offers an online platform for small businesses to issue bonds to their customers, communities and financial institutions. These companies should be encouraged to continue to find ways to provide new sources of capital to small businesses.
  5. The focus on businesses owned by minorities, ex-combatants, women and rural areas should continue. As with the health impacts of Covid, the economic impact on minority and women owned businesses has been disproportionately felt. Eight-six percent of minority respondents on the House Index said they were worried about the future of their business due to Covid, 10% more than small businesses in general. And, according to the Facebook poll, more women-owned businesses have been closed than those owned by men, in part due to caregiving responsibilities. These groups should be targeted with education, resources and easy access to government funding and private sources of capital.

Conclusion

Like many lessons learned during the Covid pandemic, PPP has highlighted the many burdens placed on small businesses and the vast lack of ‘know-how’ and ‘know-who’ in the business world. Just as minorities have suffered higher rates of contracts and death from Covid, minority-owned businesses have also received PPP loans at a lower rate. And, as the stock market hit record highs with some public companies making record profits, conversely, many American small business owners took on huge debt and saw a lifetime of work disappear overnight. .

Covid has highlighted the importance of our small business community like nothing has done before. While all of the politicians talking about small business use the same line that they are “the backbone of our economy, provide the most innovation and create the most jobs,” this sentiment does not always translate. by a policy useful for these small businesses. Despite what we all hope, the Covid pandemic is far from over, and for many small businesses the impact will be felt in the years to come. If the US government truly believes small businesses are so essential to our economy, it must remain focused on the health of our small businesses and expand and replenish P3s.

About the Author

Neil Hare is a lawyer with the law firm McCarthy Wilson LLP, and president of Global Vision Communications, where he specializes in small business policy, advocacy and communication campaigns; follow him on twitter @nehare and on LinkedIn. See more articles from Neil and his full biography at AllBusiness.com.

RELATED: Grants and Incentives Available for US Small Businesses and Start-ups

This article was originally published on AllBusiness.com.





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DCB Bank Ltd. acquires stake in Techfino Capital Private Limited – India Education | Latest Education News India | Global education news https://feminaust.org/dcb-bank-ltd-acquires-stake-in-techfino-capital-private-limited-india-education-latest-education-news-india-global-education-news/ https://feminaust.org/dcb-bank-ltd-acquires-stake-in-techfino-capital-private-limited-india-education-latest-education-news-india-global-education-news/#respond Thu, 22 Apr 2021 15:12:44 +0000 https://feminaust.org/dcb-bank-ltd-acquires-stake-in-techfino-capital-private-limited-india-education-latest-education-news-india-global-education-news/ Mumbai: DCB Bank Limited, a new generation private sector bank, announced today that it has acquired a minority stake of approximately 9% in Techfino Capital Private Limited (TCPL). Techfino is a Bengaluru-based non-bank finance company (NBFC) that, using its modern technology platform, provides personalized consumer loans in the education and healthcare sectors. It is present […]]]>


Mumbai: DCB Bank Limited, a new generation private sector bank, announced today that it has acquired a minority stake of approximately 9% in Techfino Capital Private Limited (TCPL). Techfino is a Bengaluru-based non-bank finance company (NBFC) that, using its modern technology platform, provides personalized consumer loans in the education and healthcare sectors. It is present in key metros and Level II cities across India.
Speaking on the occasion, Mr. Narendranath Mishra, Head of Agricultural and Inclusive Banking, DCB Bank said: “DCB Bank and TCPL are delighted to be associated in this way. Microcredits or granular loans as a financial solution show great promise. We value everyone’s experience and expertise to build a granular loan portfolio with patience and nuance. DCB Bank and Techfino complement each other and this is an opportunity for both organizations to develop the customer franchise. “
Mr. Jayaprakash Patra, Co-Founder and Director of Techfino Capital Private Limited added: “The association with DCB Bank is an important step. It will contribute to the growth of the business as TCPL strives to provide a financing solution to its customers. Together, we aim to create a win-win ecosystem, offering our clients a bouquet of personalized financial solutions using TCPL’s robust technology platform. The funds raised will be used to improve the current technology stack, apart from on-lending to customers.



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