ImpactAlpha, May 26 – New York Gov. Andrew Cuomo may have been listening in to ImpactAlpha’s Agents of Impact call last week. The state’s New York Forward Loan Fund will channel $100 million through five local community development financial institutions to the kind of small, minority-owned businesses that have been left behind in hastily prepared
The COVID pandemic has only underscored Olamina’s mission.
Impact real estate investor has acquired a 312-unit housing complex in Irving, Texas occupied by essential workers.
Two weeks after the World Health Organization declared the spreading coronavirus a pandemic, the French government unveiled a €4 billion package to support innovative startups. Other nations have followed.
“We want all businesses to come out okay, but the places we know will be the hardest hit will be the low-income communities and communities of color,” Jeannine Jacokes of the Community Development Bankers Association.
“What’s needed right now is fast, cheap-to-free money so that CDFIs can make these advances,” says Ceniarth's Greg Neichen.
The biggest impediment to access is that PPP loans are primarily flowing through big banks and established SBA lenders. That doesn’t reflect the evolving small business capital market. Less than half of small firms obtained funds from a bank in the last five years, according to a Fed survey earlier this year.