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Bankrate insight. Between the SBA 504 and 7(a) programs in the 2023 fiscal year, 13,056 were approved for women-owned businesses of 50 percent or more, compared to the 42,409 approved men-owned ...
A new study shows that thousands of minority-owned businesses were at the bottom of the list when it came to receiving the government’s coronavirus relief loans. The Associated Press reported ...
The $349 billion small business loan program passed last month as part of the federal coronavirus relief package discriminated against woman- and minority-owned businesses by prioritizing business ...
President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
Under this program, SBA makes funds available to non-profit community based lenders (intermediaries) that in turn, make loans to eligible borrowers in amounts up to a maximum of $50,000. The average loan size is about $13,500. Applications are submitted to the local intermediary and all credit decisions are made on the local level.
Hispanic-owned businesses. Discrepancies in SBA loans for minority small business owners don’t stop there. About 15 percent of nonemployer businesses (4,191,000) are Hispanic-owned.
Black-owned businesses play an essential role in reducing the racial wealth gap. Minority-owned businesses are those that are at least 51 percent owned, operated and controlled by a minority group ...