Philadelphia Tribune: Lender seeks to connect Black owned businesses to capital
When Shawn Nesbit, president of Good Karma Café experienced difficulty in securing a Paycheck Protection Program loan from traditional banks, he turned to Lendistry for assistance.
Lendistry is an African American owned Community Development Financial Institution (CFDI) that focuses on underserved small business borrowers including minorities, veterans and women.
A new study by advocacy group Accountable.US showed that Congressional districts with the highest black populations received up to $13 billion dollars less in PPP funding than districts with the lowest percent of black residents.
The 10 congressional districts with the lowest black populations got more than 64,000 more PPP loans than the 10 districts with the most black residents, the analysis found. The predominately black districts got as much as $23 billion in funding as of July 20th compared with $36 billion for the non-black districts.