In an article published April 14 by The Wall Street Journal, reporter Amara Omeokwe highlighted the important role community lenders play in ensuring SBA Paycheck Protection Program (PPP) funds reach small businesses underserved by traditional banks. However, she also detailed challenges that CDFIs like OFN members Mountain BizWorks and AltCap are facing in accessing the program as lenders.
Quoted in the article is OFN Chief External Affairs Officer Jennifer A. Vasiloff, who says, “We [CDFIs] are more in the niche of serving smaller businesses that I think are not as profitable and therefore not as attractive as customers to a lot of mainstream banks.”
Read the full article. Please note the article is behind a publisher paywall.