SBA: Access to Capital Expanded for Underserved Small Businesses Through Mission-Based Lenders
SBA Introduces 143 New Community Advantage Small Business Lending Companies (SBLC) Across America This week at the Opportunity Finance Network (OFN) annual conference, Administrator Isabel Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, announced that the SBA has successfully made permanent its mission-lending Community…
HUD: Nearly $1 Million Awarded for Research to Close Homeownership Gap
Grants support efforts to address disparities in access to mortgage financing and homeownership for borrowers of color and other underserved groups Today, the U.S. Department of Housing and Urban Development (HUD) announced nearly $1 million in grant awards to conduct rigorous research focused on closing gaps in access to mortgage financing and homeownership faced by…
SBA: Over $5 Million Announced to Support STEM, R&D-Focused Small Businesses
Growth Accelerator Fund Awards $150,000 to 35 Partnerships Across National Priority Areas Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, announced the SBA’s 2023 Growth Accelerator Fund Competition Stage Two winners. Thirty-five award-winning accelerator partnerships will receive $150,000 each to help advance equitable investment…
SBA: Actions Taken to Safeguard Integrity of HUBZone Program
SBA Decertifies Firms Found to Have Misused Contracting Programs for Underserved Communities Today, U.S. Small Business Administration (SBA) announced continuing measures to root out abuse and fortify the integrity of the HUBZone program. Today’s announcement follows an SBA internal investigation resulting from improved processes and compliance controls that uncovered multiple firms misusing the HUBZone program. In response,…
SBA: “Investing in America: Small Business Tools and Resources” Webinar Series Launched by SBA and the Public Private Strategies Institute
The U.S. Small Business Administration (SBA) formally announced today its “Investing in America: Small Business Tools and Resources” series, a new collaboration with Public Private Strategies Institute (PPSI) to expand public awareness of SBA’s programs, priorities, and initiatives that will empower business owners across the country, particularly those from underserved and disadvantaged communities. As part of…
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”…
FEMA: Additional $160 Million Announced to Build Climate and Disaster Resilience Nationwide Including over $50 Million for Tribal Nations
Over 45 Disadvantaged and Underserved Communities Selected for Direct Technical Assistance As part of President Biden’s Investing in America agenda, FEMA is announcing $160 million in additional funding through the Bipartisan Infrastructure Law for states, local communities, tribes, territories and the District of Columbia to build climate and disaster resiliency, including the selection of more than…
HUD: More Than $837 Million Announced to Improve Housing Quality and Reduce Energy Costs for Underserved Communities
New funding from Inflation Reduction Act of 2022 and $4 billion in loan commitment authority will make HUD-assisted multifamily housing more energy efficient, cut greenhouse gas emissions, and improve climate resiliency. The U.S. Department of Housing and Urban Development (HUD) today will announce the availability of new funding through the Green and Resilient Retrofit Program (GRRP) to…
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…