Yellen Adds $9 Billion Funding for Underserved Communities (1)

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.

The move is part of the Biden administration’s effort to increase racial equity and help underserved communities, and deploys funding authorized in a giant spending bill passed ...