Industry News - March 19, 2019
March 19, 2019
Bank of America Corp. doubles its 5-year commitment to Tory Burch’s foundation and its support of women-owned businesses with an addition $50 million.
Source: Washington Post
When banks vacate lower income areas, it’s harder for prospective business owners to secure the financing they need. Fortunately, the digital revolution in small business lending helps to even the playing field.
Prevailing wage laws are a significant obstacle to Black-owned businesses. Unionized wages tend to be unsustainable for smaller businesses, as those owned by people of color tend to be.
Source: Nonprofit Quarterly
In an interview, managing director of Bain Capital’s Double Impact Fund and former Massachusetts governor Deval Patrick says that investors must consider people and the planet, not just their financial returns.
Source: Chronicle of Philanthropy
Movement toward digitally-enabled banking is unstoppable. Newly sophisticated consumers and business owners are driving this shift, and pushing banks to rethink traditional relationship management approaches.
April 16, 2019
Industry News -
Under the new Farm Bill, farmers can receive up to $100,000 through multiple microloan programs that provide flexible access to credit for small, beginning, niche, and non-traditional farms.
April 10, 2019
Industry News -
CDFI Fund Releases Annual Report on Activities According to the report, CDFI program awardees reported more than $11 billion in lending and investment activity, which financed nearly 16,000 businesses in 2018.
April 2, 2019
Policy News -
SBA Administrator Linda McMahon has announced her resignation effective April 12th. In a statement issued on Friday, McMahon said she will be returning to the private sector.