Displaying items by tag: Bank Loans

Since April, when the $2 trillion COVID-19 Stimulus Bill was passed and the Small Business Administration’s Paycheck Protection Program (PPP) began to address COVID-19’s financial hits, the first study to look at the novel coronavirus’ impact on Black and Latinx business owners, conducted by the Color Of Change and UnidosUS, found that 45 percent of these businesses will have to close by the end of the year, and only one in 10 reported that they had received funding.

While Black entrepreneurs have complained about problems with the Small Business Administration’s financial assistance programs owners and advocates of Black banks say they could be a help and a resource of information and capital for Black firms during the coronavirus pandemic.

OneUnited Bank, the largest Black-owned bank in the country, is proud to announce the launch of its Small Business Administration Paycheck Protection Program. OneUnited Bank, a Preferred SBA 7(a) lender, is offering PPP loans to its existing and new customers on a nationwide basis through its state-of-the-art online and mobile banking platform.

There are names synonymous with community banking in the city of Atlanta, George G. Andrews must be included among them.

For more than 10 years, Andrews served as president and CEO of Capitol City Bank & Trust Company, a black-owned community bank in the Southwest community of Atlanta.

Minority-owned banks are crying foul about the federal government snubbing them for tax credits they say could generate economic development in the nation’s most needy communities....

Minority-owned banks are claiming that the federal government has shut them out of tax credits intended to spur economic development in under-served communities. They are referring to last month’s distribution of funds by the Community Development Financial Institutions (CDFI) Fund, an arm of the Treasury Department.CDFI issued $3.5 billion in New...

Seaway Bank and Trust Co., on the South side of Chicago, may become the last black-owned financial company left standing in the Windy City. Currently, Seaway Bank ranks third on the BE100s Financial Services Banks list with $551.6 million in assets in 2014.According to Crain’s Chicago Business, Illinois Service Federal Savings & Loan, a thrift...

Right now, all sorts of nonprofit causes and entertainment projects can receive cash donations from ordinary people through crowdfunding websites such as IndieGoGo.com, KickStarter.com, and RocketHub.com. But because of securities laws intended to prevent fraud, for-profit businesses aren’t legally allowed to raise funds from large numbers of d...