SBA: $8 Million in PRIME Grants Awarded to Help Micro-Entrepreneurs
Grants will help 32 organizations with program development and provide training and technical assistance to improve access to capital for economically disadvantaged microentrepreneurs Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, announced the awardees for the 2023 Program for Investment in…
SBA: Small Business Loan Program Improvements Launched to Expand Access to Capital
Lending program improvements expand access to capital for small businesses and increases protection against fraud On August 1, the U.S. Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 Loan Programs. Today’s loan program updates build on Administrator Isabella Casillas Guzman’s previous announcements that address…
Agencies Release List of Distressed and Underserved Nonmetropolitan Middle-Income Geographies for 2023
Federal bank regulatory agencies today made available the 2023 list of distressed or underserved nonmetropolitan middle-income geographies. The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of their local communities, including low- and moderate- income communities, in a safe and sound manner. Distressed or underserved nonmetropolitan middle-income geographies are census tracts…
CFPB: Report Released on Banking Access and Consumer Finance in Southern States
Reports highlight gaps and identify opportunities to improve financial outcomes for many Southerners The Consumer Financial Protection Bureau (CFPB) today issued two new reports on the financial opportunities and challenges facing Southern communities. The Southern U.S. is home to diverse populations, including many rural areas. Many areas of the Southern region are considered “banking deserts”…
SBA: Law Implemented to Enhance Ability to Declare Disasters and Deliver Support to Rural Communities
Today, U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced full implementation of the Disaster Assistance for Rural Communities Act (the “Act”) authored by Senators James Risch (R-ID) and Jeanne Shaheen (D-NH). Rural communities often face more severe impacts from natural disasters due to limited access to resources and infrastructure, which limits a community’s ability to recover and…
HUD: More Than $22 Million Awarded to Expand Access to Affordable Housing & Homeownership
$12.5 million in Self-Help Homeownership Opportunity (SHOP) Grants; $10 million Rural Capacity Building Grants The U.S. Department of Housing and Urban Development (HUD) today awarded $12 million in grants to support non-profit, self-help housing organizations that enable homeownership opportunities for hard-working, low-income families and individuals. Funded through HUD’s Self-Help Homeownership Opportunity Program (SHOP), the grants awarded…
CDFI Fund: FY 2023 CDFI Bond Guarantee Program Application Period Opens
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2023 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is available for Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2023. Through the CDFI…
HUD: $486 Million in Grants and $43 Million for Stability Vouchers Announced to Address Unsheltered and Rural Homelessness
Sixty-two communities in total will receive grants and vouchers to implement coordinated approaches to addressing unsheltered homelessness and homelessness in rural areas WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) is announcing the second set of communities to receive grants and housing vouchers to address homelessness among people in unsheltered settings…
SBA: Rules Implemented to Address Persistent Capital Access Gaps
Loan program updates will advance equity for rural, veteran, women, and minority-owned businesses The U.S. Small Business Administration has finalized two rules to address persistent gaps in access to capital impacting small business owners in underserved communities as part of the Biden-Harris Administration’s effort to grow the economy from the middle out and bottom-up, not…
FHFA: Final Rule Announced Amending the Enterprise Duty to Serve Underserved Markets Regulation
Enterprise activities in all colonia census tracts are eligible for Duty to Serve credit The Federal Housing Finance Agency (FHFA) today published a final rule to amend the Enterprise Duty to Serve Underserved Markets regulation. The final rule allows Fannie Mae and Freddie Mac’s (together, the Enterprises) activities in all colonia census tracts to be…