As the urgency for providing inclusive economic growth for all commonwealth residents grows, building on existing programs and partnerships can help us create a stronger entrepreneurial ecosystem.
Roxbury-based BlueHub Capital’s Karen Kelleher is seeing no let-up in demand for the lender’s services as an intermediary piecing together financing packages for real estate projects in low-income communities.
There is a potential new partner just over the horizon for Massachusetts’ community banks, community development financial institutions, small businesses, farms and underserved communities: a Massachusetts Public Bank.
A new investment vehicle designed by the Federal Deposit Insurance Corp. will let financial institutions and other organizations provide capital to insured Minority Depository Institutions and Community Development Financial Institutions that will then request funding through a “pitch process.”
Paul Katz is leading an initiative at Promontory MortgagePath to support CDFIs and minority depository institutions in their efforts to expand homeownership in underserved communities.
Two credit unions are among 26 Massachusetts community development financial institutions that will receive more than $35 million in COVID-19-related funding from the U.S. Department of the Treasury.
The next round of Paycheck Protection Program will begin on Monday, though not all lenders will have access to the program right away.
Along with reviving the Paycheck Protection Program, the COVID-19 aid bill that Congress is expected to vote on today would provide additional funding for MDIs and CDFIs.
Developing new products with CDFIs and other nontraditional financial institutions will limit risk to banks and open doors to new customer bases in a responsible way.
