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Taking action to provide resources and support for communities
During this health and humanitarian crisis, our commitment to help strengthen our communities is unwavering. We’re partnering with local leaders and organizations that are addressing critical needs, making an impact in communities of color and helping local small businesses. We continue to enhance our support for partners who are working tirelessly across our local markets.
Throughout our communities, we see families, neighbors, businesses and teammates working together more than ever. To help, we’ve added $100 million to our ongoing support to organizations addressing critical needs. The funds will help increase medical response capacity, focus on vulnerable populations and help address food insecurity.
Advancing racial equality and economic opportunity
We know we must do more to address the very real consequences of systemic racism that exist in society today. The impact on communities across the country is clear.
To drive progress, we’ve committed to invest $1 billion over four years to advance racial equality and economic opportunity, building on work we’ve had underway for many years. Our actions will help address critical issues and long-term gaps, including skills and job readiness, medical capacity and access, small business support, and affordable housing.
Supporting small businesses
More than 99% of the businesses in the United States employ fewer than 500 people, and historically, these small firms have created two-thirds of America’s net new jobs.
As of May 15th, we’ve provided more than $25 billion in support by funding small business client loans through the Paycheck Protection Program. We’re also providing up to $250 million in capital to Community Development Financial Institution (CDFI) loan funds and CDFI- and minority-owned banks to extend assistance to more small businesses.