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Showing posts with the label Main Street Lending Program

Black communities need more help from the Federal Reserve Board

An estimated  $7 billion in corporate  pledges have been made to facilitate efforts that support racial justice, and help activities  that seek immediate solutions  to the crisis affecting Black people. We are very familiar with these types of promises, having launched the first website focusing on financial support for minority communities in 1995 and a new website to monitor such corporate pledges. Yet it appears that only $188 million of that $7 billion is money someone can reasonably expect to get their hands on. Further, in certain sections of the Black community, there is concern about the effectiveness of the traditional organizations identified as recipients of the pledges. And there appears to be less  concern with newer, trending  organizations. Our recent survey of  customers banking at black-owned banks  suggests most consumers who do not use Black banks are concerned about their financial stability, and have not been able to leverage financial resources from th