Loans handed out to struggling small businesses as part of President Barack Obama’s stimulus package have largely shut out minority businesses – especially those owned by Blacks and Latinos. Overall, white-owned businesses received over $130 million in loans through the program, while Hispanic-owned businesses got $4 million and Black-owned businesses less than $2 million.
Tags:
Aaron Glantz,
American Bankers Association,
American Recovery and Reinvestment Act (ARRA),
America’s Recovery Capital (ARC),
Anthony Robinson,
ARC loan program,
James Ballentine,
Javier Palomarez,
Jonathan Swain,
Lawyers Committee for Civil Rights of the San Francisco Bay Area,
Minority Business Legal Defense and Education Fund (MBELDEF),
minority businesses,
New America Media (NAM),
Obama administration,
Oren Sellstrom,
President Barack Obama,
Small Business Administration (SBA),
United States Hispanic Chamber of Commerce
“We should own and operate and control the economy of our community,” said Malcolm X. To make that happen, businesses in the hood should grab the new ARC loans: no-interest loans with no payments due for a year, offered beginning June 15 by the U.S. Small Business Administration, revitalized by President Obama. Merchants and residents who hire and trade with each other build peace and prosperity in the hood.
Tags:
America's Recovery Capital,
American Recovery and Reinvestment Act (ARRA),
Bayview Hunters Point,
Black Wall Street,
Buy Black,
East 14th in East Oakland,
Fillmore Street in San Francisco,
Harry Alford,
Inglewood Today,
Jim Clingman,
Muhammad Nassardeen,
National Black Chamber of Commerce,
predatory sub-prime loans,
President Obama,
redlined Black neighborhoods,
SBA ARC loans,
Seventh Street in West Oakland,
small business,
stimulus bill,
U.S. Small Business Administration,
Willie Ratcliff
The San Francisco Housing Authority is spending $5 million to create hundreds of jobs where many of us live. But Blacks will be excluded unless Black contractors can borrow from a loan fund so they can hire Black workers. Pack the Housing Commission meeting Thursday, May 14, 4 p.m., at 440 Turk St. to demand our fair share.
Tags:
American Recovery and Reinvestment Act (ARRA),
Black contractors,
Black workers,
disadvantaged contractors,
fair share,
Housing Executive Director Henry Alvarez,
loan funds,
minority and women business (MBE/WBE) participation,
public housing,
redline,
revolving loan fund,
San Francisco Housing Authority,
San Francisco Housing Authority Commission,
stimulus funds,
Willie Ratcliff
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