CDBA Writes to House Small Business and Financial Services Committees on Economic Recovery Package

CDBA
Tuesday, April 7, 2020

CDBA CEO Jeannine Jacokes wrote to the House Financial Services and Small Business Committees urging that the next recovery package addressing the current health and economic crisis provide meaningful support for low- and moderate-income communities. To ensure resources are directed to the most severely impacted people and places, CDBA asks that Congress provide $1 billion for the Community Development Financial Institutions (CDFI) Fund, direct the Board of Governors of the Federal Reserve to create a meaningful set-a-side within its Main Street program for CDFIs and Minority Depository Institutions (MDIs), and ensure that half of any further funding for the SBA's Paycheck Protection Program is specifically earmarked for CDFIs, MDIs and small banks under $10 billion that will target the resources for borrowers in low- and moderate-income communities.