ImpactAlpha: Community Banks Bridging Racial Gaps in COVID-19 Recovery

On April 9, impact investing news outlet ImpactAlpha published an article highlighting community development financial institutions (CDFIs) as “financial first responders” for small businesses most impacted by COVID-19. Featuring OFN members like Southern Bancorp and AltCap, the article emphasizes the need for Congress to expand SBA Paycheck Protection Program lender eligibility to more CDFIs.

“The expertise and experience of CDFIs will be crucial,” Goldman Sachs CEO David Solomon said at a recent virtual meeting with President Trump and fellow bank CEOs. “They provide the reach that is needed–to rural areas and big cities, underserved areas, and importantly, to the many businesses who don’t have a relationship with the traditional banking system.”

Read the full article. Please note this article is behind a publisher paywall. Free account registration for limited article access is available.

Tags: , ,