SBA Administrator Message to Lenders re: Underserved Communities
Summary
Message from SBA Administrator Jovita Carranza to Paycheck Protection Program (PPP) lenders about serving underserved communities. It recognizes Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Farm Credit System lenders for serving entrepreneurs in underserved communities, and notes the dedicated $10 billion of Round 2 funding to be lent exclusively by CDFIs. The message asks lenders to redouble efforts in the program's final weeks to reach underserved and rural markets, veterans and military community members, socially and economically disadvantaged owners, women and businesses in operation for less than two years.
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Full text
Message from SBA Administrator Jovita Carranza SBA recognizes that Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Farm Credit System lenders, among many other Paycheck Protection Program (PPP) lenders, are leading the way to serve individual entrepreneurs and small businesses in underserved communities. In the final weeks of this program, SBA continues to work with all PPP lenders to assist their efforts to prioritize access to the forgivable loan program. This renewed focus is in addition to the dedicated $10 billion of Round 2 funding to be lent exclusively by CDFIs. SBA wants to ensure that entities in underserved and rural markets, including veterans and members of the military community, small business concerns owned and controlled by socially and economically disadvantaged individuals, women, and businesses in operation for less than two years benefit from PPP. Together with our partners, the SBA is asking you to redouble your efforts to assist eligible borrowers in underserved and disadvantaged communities, allowing us to expand economic opportunity, before the upcoming deadline of June 30, 2020, to obtain a loan number for a PPP loan. As communities begin to reopen across the country carefully, I am also meeting with several small businesses, non-profits and faith-based institutions who have weathered this emergency and kept their employees on the payroll because of the PPP. However, there are still many more opportunities to provide this assistance to businesses who have yet to access these forgivable loans. SBA is dedicated to sustaining our nation’s small businesses and retaining tens of millions of employees – a key priority for President Trump. SBA looks forward to working together for the benefit of these important communities in the coming weeks.
File and source
- File
- 2020-07_SBA-Administrator-Letter-re-Underserved-Communities-6-15-20-508.pdf
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- 56,438 bytes
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- 74e2b31f5f323a78dfc0c8cc98cbc67597a7b7ce8b64e4f02565126f312ec80f
- Original
- www.sba.gov