DCist: Sponsored: New Effort Estimated To Save Nearly 10k Small Business Jobs

DCist, October 20, 2020, New Effort Estimated To Save Nearly 10k Small Business Jobs

Due to the Payment Relief and funding efforts by local nonprofit lenders and the support of the Open for Business Fund, and estimated 10,000 small businesses will be saved including many in DC area. This includes NCRC which received a $500,000 grant to offer business outreach, technical assistance and alternative financing to Black, Latino and other small business owners in D.C., Virginia and Maryland.

Launched in July, the Open for Business Fund is an industry-leading commitment by Wells Fargo donating roughly $400 million to nonprofits that are helping small business owners stay open and retain employees during the pandemic. The program has a special focus on supporting minority-owned small businesses.

After receiving more than 200 applications from across the United States, 12 new nonprofit grantees have been chosen so far, which together are expected to help save thousands of small businesses and roughly 10,000 jobs in local communities, including many in the D.C. area.

Print Friendly, PDF & Email

Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

Complete the form to download the full report: