On Thursday, May 28, the Small Business Administration (SBA) and the Treasury Department announced that of the remaining available Paycheck Protection Program (PPP) Funds, $10 billion will be set aside and used exclusively through Community Development Financial Institutions (CDFI).
SBA and Treasury Department Announce $10 Billion for CDFIs to Participate in the Paycheck Protection Program (Small Business Administration)
From the press release: "CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses."
To date, CDFIs have approved more than $7 billion in PPP loans for underserved communities. For any business that has not been able to access PPP funding, CDFIs may be the best-located resource for them.
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