WASHINGTON–The U.S. Chamber of Commerce told the Senate Committee on Small Business and Entrepreneurship as part of a hearing that it supports expansion of the CDFI funding to $1 billion.
The expanded supplemental appropriation is included in the HEROES Act, and has also had the support of credit unions. The Chamber said additional support for entrepreneurs is needed, especially by Black Americans, who make up 12% of the labor force but 9.4% of business owners.
Also urging the Senate to move forward with the expanded funding was CU Strategic Planning, the largest writer of grant applications and funding in the CU community.
“This funding will be leveraged by CDFI-certified financial institutions, including credit unions, to provide billions more in targeted lending to low-to- moderate income consumers and very small businesses, and for continued mortgage lending to carry on with the healing of the main street economy,” the CU Strategic Planning letter reads.
It further asks the Senate to also include $5 million for NCUA’s Community Development Revolving Loan Fund.
In a statement to CUToday.info, Michael Beall, chief strategic and advocacy officer said, “This stimulus bill is the most important opportunity Congress has to help stabilize the nation and the economy. Credit unions have an immediate opportunity to play a significant role in helping working families and small businesses take the next steps through these economic storms by implementing ‘shovel ready’ CDFI programs."