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Yellen Adds $9 Billion Funding for Underserved Communities

  • Treasury opens 60-day appliation window for tapping loans
  • Yellen says program will support financial ‘deserts’
Updated on

Treasury Secretary Janet Yellen unveiled a new $9 billion initiative for lenders serving low-income communities, expanding the government’s assistance to small and minority-owned businesses walloped by the pandemic.

The funds, to be administered through the Emergency Capital Investment Program, set aside $2 billion for participants with less than $500 million in assets, and another $2 billion for those with less than $2 billion in assets. The program will support loans, grants and forbearance.