The new changes to SBA PPP forgivable loan provides a special window for minority businesses left out of the last round of PPP funding in 2020. Beginning Monday for two days, community financial institutions called CDFIs can accept applications from Minority businesses. MEDA, NDC through their own lending platforms and others like AEDS through partnerships with CRF are all gearing up to help minority businesses access much needed capital. Sunrise Banks has activated its own CDFI and is also accepting applications through a portal that will be set up, hopefully Monday.
The ALANA Brain Trust can also help get minority businesses needing PPP loans access these lenders – banks and CDFIs. 7 banks and three nonprofits MEDA, NDC and AEDS have agreed to accept referrals coming through the Brain Trust. Fill this application referral form at this link and you will be connected to one of the partner lenders.
https://app.surveymethods.com/EndUser.aspx?9EBAD6C99EDBC8C89D
Partner banks are Bremer Bank, Choice Bank, Drake Bank, Maple Bank, Premier Bank, Sunrise Bank and Spire Credit Union. Banks in the alliance are interested in building long term relationships with minority businesses. Borrowers could take a second PPP loan or apply for a new loan if they missed the last round of funding.
As of today over 40 businesses have applied via this referral network and are being connected to the lending partners.
For businesses outside Minnesota please use the CDFI locator to find the community financial institution that can serve you. Choose State and loan type “Paycheck Protection Program”
The ALANA Brain Trust – African Latino Asian and Native American (ALANA) – a multiethnic network of individuals and organizations working to grow capital and build capacity in our ALANA communities. Over the past few months, we have engaged with the Federal Reserve Bank of Minneapolis, Minnesota’s Congressional Delegation, the SBA, DEED, the Governor’s Office and most recently our recommendations were integrated into the report of the Minnesota House Select Committee on Racial Justice. Our policy advocacy for dedicated funding for ALANA businesses and ALANA CDFIs and microlenders is also reflected in the recent changes to the PPP program approved by Congress.
Brett Buckner, Jane Leonard and Dr. Bruce Corrie serve as stewards of the ALANA Community Brain Trust. You can find more information at www.empoweringstrategies.org. For more information please contact Dr. Bruce Corrie (brucecorrie@gmail.com), Brett Buckner (brett1mn@gmail.com), Jane Leonard (Jane@growthandjustice.org).
Details about the banking alliance – https://empoweringstrategies.org/alana-brain-trust-launches-banking-alliance-to-help-minority-businesses-access-ppp-forgivable-loans/
