Treasury Awards $8.7 Billion for Minority Community Loans

Emergency Capital Investment Program hopes to address wealth gap.

 The Treasury Department hosted the Freedman’s Bank Forum last week, where Vice President Kamala Harris and Treasury Secretary Janet Yellen announced the release of the Emergency Capital Investment Program. The fund, created this year, allocates $8.7 billion to provide manageable loans to small businesses and minority-owned businesses

“The wealth gap persists today, the homeownership gap persists,” Vice President Harris said of the need for the investments. “Black entrepreneurs are three times more likely to report that a lack of access to capital negatively affects their profit margins.” Secretary Yellen spoke to local business owners before Tuesday’s release about how such a loan would readily impact local communities. “Here, it’s very easy to connect the policy with the personal,” she said.

As the Lord Leads, Pray with Us…

  • For Secretary Yellen as she manages the providing of these loans to the public.
  • That Vice President Harris would seek God’s guidance as she addresses issues facing the country.
  • That these loans would be effective in supporting small businesses in the United States.

Sources: AP, Department of Treasury


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