OFN member Piedmont Business Capital is proud to contribute to the financial strength and vibrancy of communities through support for entrepreneurs, such as Stacy and Willie Simms of the Gillespie Grill located in Greensboro, NC.
OFN’s Statement on the Troubling Trends in the Legal Environment
Read time: 2 minutes
We are dismayed by the recent ruling in Texas finding that the Minority Business Development Agency’s (MBDA) presumption that businesses owned by Blacks, Latinos, and other minorities are disadvantaged is unconstitutional.
This ruling is the latest in a troubling trend of cases that target the ability of the government and private enterprises to drive resources to underserved communities. These cases have the potential to restrict access to capital for mission-driven community lenders, including CDFIs, and the communities we serve. The current legal environment is undermining decades of progress in economic growth and job creation in underinvested communities.
Historical injustice and systemic racial discrimination in education, employment, housing, and even access to clean water and clean air have created significant disparities in wealth and economic opportunity. Creating access to capital for the most underinvested people and communities is a crucial step toward rectifying past injustices and addressing the inequalities that have persisted for generations.
We are committed to advocating for policies that promote fair lending practices and advance economic justice. As mission-driven lenders, the communities that we serve — those who have been excluded from traditional financing — are predominately communities of color. We understand that as a nation, we cannot create an inclusive economy without driving intentional investment into these communities and the people that live there.
Racial equity is necessary if we want to realize our nation’s true economic and social potential. We will continue to work tirelessly for our communities and to drive capital to create opportunity for all.
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