CDFIs are essential to reaching small businesses hardest hit by COVID-19 including minority, women, and Native-owned businesses. Many of these are outside the mainstream banking system and CDFIs fill that gap. 

Recent media coverage has focused on whether Paycheck Protection Program (PPP) funds have reached enough small businesses owned by people of color or other groups that need assistance. OFN and our members have offered our point of viewTreasury and the SBA have made it nearly impossible for most CDFIs to participate in the PPP to date. OFN has been working with our CDFI members to advocate for changes to the PPP that would enable more CDFIs to serve as PPP lenders.

Here’s a roundup of this month’s press coverage featuring OFN and CDFIs. We’ll continue to update OFN's press clippings page with any new articles.

Minority Businesses Worry They Are Locked Out of Payroll Lending Program
April 29, 2020
New York Times

Note: Article access available through free account registration or any standard subscription.

Minority businesses worry they are locked out of payroll lending program
April 29, 2020
Reuters

Minority-owned businesses struggle to access emergency loans
April 28, 2020
APM Marketplace

Is $30 Billion for CDFIs and Community Banks in Paycheck Protection Enough?
April 27, 2020
Nonprofit Quarterly

Covid-19 could devastate minority-owned businesses, amid fears they’ll also miss out on aid
April 24, 2020
Washington Post
Note: this article is behind a publisher paywall.

Will low-income and communities of color again fall through the cracks of small-business relief?
April 23, 2020
ImpactAlpha

Note: this article is behind a publisher paywall. Free account registration for limited article access is available.

Making Loans to Help Formerly Incarcerated People Get Back on Their Feet
April 20, 2020
Shelterforce

Small-Business Funding Dispute Challenges Community Lenders
April 14, 2020
Wall Street Journal
Note: this article is behind a publisher paywall.

Black-Owned Businesses Could Face Hurdles in Federal Aid Program
April 10, 2020
The New York Times

For some small businesses in crisis, federal programs provide more headaches than relief
April 9, 2020
WECT News 6

How community banks and local lenders are bridging racial gaps in COVID recovery
April 9, 2020
ImpactAlpha

Note: this article is behind a publisher paywall. Free account registration for limited article access is available.

African American Business Owners Fear for Survival Amidst Coronavirus Pandemic
April 8, 2020
Bay News 9

Stampede for emergency loans is crushing lenders, putting millions of small businesses at risk. Here are steps to fix the system
April 6, 2020
CNBC

 

 

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October 11, 2017