In an effort to give small business entrepreneurs in underbanked communities more access to capital, Governor Hochul plans to ask the federal government to approve a $150 million shift to community development financial institutions.
In an effort to give small business entrepreneurs in underbanked communities more access to capital, New York Gov. Kathy Hochul announced Thursday that she plans to ask the federal government to approve a $150 million shift to community development financial institutions.
earmarked through President Joe Biden's American Rescue Plan. CDFIs are alternative financial institutions focused on lending to people and businesses in low-income communities as a way of building wealth.at SoBro, a non-profit in the South Bronx that's certified as a CDFI, following a roundtable meeting with local leaders.
In the Bronx, which is the most underbanked borough in New York City, 40% of businesses closed during the pandemic, according to SoBro President and CEO Lourdes Zapata. A 2020 reportfound that not only did many minority-owned businesses lack the banking connections to receive aid from the initial round of federal Paycheck Protection Program funding, but also that money from New York City’s own relief fund went disproportionately to small businesses in Manhattan.
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