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U.S. Lenders Rush to Get PPP Relief Loans to Black-Owned Firms

Jan. 15, 2021, 5:29 PM

Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these firms.

The popular Paycheck Protection Program of forgivable loans for small businesses re-opened Jan. 11 with a four-day window dedicated exclusively to community financial institutions that lend to groups unable to get funds from traditional banks. Borrowers aren’t limited to women and minorities, although these groups often make up a large customer base for microlenders.

In Texas, the nonprofit PeopleFund said it has received interest from 600 small businesses, more ...

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