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The stimulus package being negotiated in Washington includes $285 billion for a renewed Paycheck Protection Program. The bill includes other aid measures that are not specifically part of the Paycheck Protection Program but could nonetheless help many small businesses. This includes $12 billion for Community Development Financial Institutions, which make loans and grants to people and communities that are often unable to get traditional banks to do business with them. That amount of money would be transformational, said Jeannine Jacokes, the chief executive of the Community Development Bankers Association, a trade group for community financial institutions. “Every time we have a recession, low-income places are hit the hardest and are the last to recover,” Ms. Jacokes said. “Treasury is providing the capital for a long-term investment in these communities.”
Yelp Inc., the company that connects people with great local businesses, today announced it has deposited $10 million of its cash reserves with minority-owned financial institutions that support Black and underserved communities, including Broadway Federal Bank (Broadway), Carver Federal Savings Bank (Carver) and Citizens Savings Bank and Trust Company (Citizens Savings Bank). According to The Wall Street Journal, fifteen years ago America had 36 Black-owned banks,2 and today the FDIC reports only 20.3 Yelp selected Broadway, Carver and Citizens Savings Bank because of their immense impact on their respective communities.
A group of Black-owned banks will refinance a major construction loan for the Atlanta Hawks professional basketball team in a deal that organizers hope will spur more investment in Black-owned banks. Led by Carver State Bank in Savannah, Ga., the group of 11 banks will provide a $35 million syndicated loan to the Hawks for the refinancing of the Emory Sports Medicine Complex, the Hawks' three-year-old, 90,000-square-foot training and practice facility that also houses Emory Healthcare's sports medicine program and sports science and research division.
Darrin Williams, a former lawyer, rose from relative obscurity when he was tapped to be a member of President Trump's Great American Economic Revival initiative, which also included Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., and David Solomon, chairman and CEO of Goldman Sachs Group Inc. Their conversations with Trump and Secretary of the Treasury Steven Mnuchin ultimately led the Small Business Administration, which administered the $350 billion program, to earmark the money for so-called CDFIs. Southern Bancorp is one of the largest of about 1,100 such institutions, which the Clinton administration chartered to invest in the poorest U.S. communities. This summer, Williams’s bank wrote $111 million in PPP loans and gave away $125,000 to small businesses in the most Covid-devastated places in the Mississippi Delta.
On behalf of the Community Development Bankers Association (CDBA), we cordially invite you to the 2020 Virtual Peer Forum. CDBA's 2020 Virtual Peer Forum will take place during the afternoons of the first three weeks of December.
We pleased to announce the following Keynote Speakers: Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation; Brian Brooks, Acting Comptroller of the Currency, Office of the Comptroller of the Currency; Jodie Harris, Director, Community Development Financial Institutions Fund, US Department of Treasury; Dane Smith, Managing Director, FSG
The CDBA Peer Forum is the "must-attend" annual event for the Community Development Banking sector. THE BEST PART: Registration is $500 for CDBA members and $600 for non-member banks. One registration fee allows an UNLIMITED number of attendees from your bank to attend ANY AND ALL sessions. Given the virtual format and savings on travel and accommodation costs, we hope to bring our robust programming to everyone at your bank who wants to participate. This offer extends to your bank’s Board Members, too.
While we cannot meet in person, CDBA is planning over 15 hours of programming, including keynote speakers, panels on current issues, and interactive sessions. Session themes include leading with a purpose-driven culture, the post-election political outlook, managing liquidity, strategies to promote diversity, equity & inclusion at your bank, product innovations, and much more.