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Who is helping Texas businesses save jobs?

Ted Oberg

April 17, 2020 |

KTRK-TV |

Broadcast TV News |

Under 3 Minutes

Response Location: United States, Sugarland, Texas

Community banks in Texas have outpaced much larger national banks in approving and funding loans that are keeping businesses afloat during the pandemic-induced lockdown. The lone star state leads in the number of loans processed totaling $17 billion - saving a reported 200,000 jobs. Businesses in Texas have received more loans than any other state due to community banks that have been working around the clock. The banks have managed to approve as many loans as they typically would in an 18-month period.

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Will Small Businesses Most in Need Get Help From the Coronavirus Relief Package?

Oscar Perry Abello

April 03, 2020 |

Next City |

Text |

1500-3000 Words

Response Location: United States, New York, New York

As small businesses, nonprofits, and independent contractors try to access funds made available through the federal government’s Paycheck Protection Program, bankers across the country are doing what they can to step up, follow federal guidelines, and process loans as quickly as possible. New features, including the SBA fully guaranteeing PPP loans, are making them more accessible. From typical SBA lenders to community development financial institutions to credit unions, many financial institutions are trying to help as many businesses as possible.

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Local banks step up in the fight to keep Covid-19 economic calamity at bay

Larry Platt

April 03, 2020 |

The Philadelphia Citizen |

Text |

1500-3000 Words

Response Location: United States, Philadelphia, Pennsylvania

Throughout the economic crash of 2008, banks were "vilified" for their response, but as the economy again teeters on crashing during the coronavirus pandemic, regulators have been able to be proactive in their approach. While several banks are making financial contributions to philanthropies, and public health efforts or creating relief funds, others have agreed to temporary forbearance on certain types of loans which enables "local business owners and workers to defer payments without penalty to the end of their loan terms."

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Mission-Driven Lenders Already Providing Assistance to Vulnerable Businesses During COVID-19

Oscar Perry Abello

March 26, 2020 |

Next City |

Text |

800-1500 Words

Response Location: United States, New York, New York

The Business Center for New Americans, a nonprofit that offers loans with a focus on immigrant-run businesses, is going above and beyond to make sure its lenders get through the COVID-19 economic crisis. They are offering tailored support on how to apply for Economic Injury Disaster Loans, sharing other grant and loan opportunities, and using its status part of the SBA’s Microloan Program to offer new loans.

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What a Public Bank Can Do for Real People

Oscar Perry Abello

February 19, 2020 |

Yes! Magazine |

Text |

Over 3000 Words

Response Location: United States, North Dakota

Public banking has allowed the state of North Dakota to flourish economically in a way that private banking there would not have enabled. From hospitals, to childcare centers, business development programs, and student loans, the state-owned Bank of North Dakota has subsidized local resources that give residents a better quality of life and access to more opportunities.

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Poor credit is a barrier to affordable housing. Lending circles are a tool for those in poverty

Nicole Hayden

February 14, 2020 |

Desert Sun |

Text |

1500-3000 Words

Response Location: United States, Coachella Valley, California

Lift to Rise, a Coachella Valley nonprofit that pushes for housing and poverty policy change, launched a local lending circle program aimed at serving minority residents break the cycle of poverty. Partnered with San Francisco-based Mission Asset Fund, the lending circle helps those with poor credit or no credit at all to build up a spending history, have access to loans, create a savings account, improve their score, and more. Since 2008, Mission Asset Fund has partnered with more than 50 organizations across the U.S. to provide lending circles to more than 9,000 clients.

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This Bank Hired a Community Organizer and Here's What Happened Next

Oscar Perry Abello

January 28, 2020 |

Next City |

Text |

1500-3000 Words

Response Location: United States, Boston, Massachusetts

Reducing inequality in the financial sector requires creating connections to underserved communities of color. In Boston, Berkshire Bank has begun an initiative to reach those who are “underbanked.” The bank’s new Reevex Labs facilities use coworking and event spaces to facilitate connections between communities and financial institutions. At Reevex locations, community members can connect to organizations like The Runway Project, which facilitates low-interest loans to entrepreneurs of color.

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Banks Don't Know What to Do With Their Branches

Allison Prang

November 07, 2019 |

Wall Street Journal |

Multi-Media |

800-1500 Words

Response Location: United States, Philadelphia, Pennsylvania

With more users than ever use digital resources to access their bank accounts, banking companies with brick-and-mortar locations get creative with how to balance the digital and physical requests from their consumers. Some companies, like Capital One, have steered away from the traditional teller environment and have instead opened cafes and hosted community workshops to help people feel more comfortable in a bank setting.

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California Just Legalized Public Banks. Will the Rest of the Nation Follow Suit?

Ananya Garg

October 04, 2019 |

Yes! Magazine |

Text |

800-1500 Words

Response Location: United States, California

In California, Governor Newsom recently signed into law a regulatory framework for public banking in the state. Public banking, a concept not without its detractors, has been established successfully in North Dakota and California hopes to follow suit to tamp down on frustrations that big banking institutions put profits over social good. Supporters of public banks see them as a tool to create positive community change and support historically marginalized groups.

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There Is Power in a Debtors' Union

Hannah Appel

July 12, 2019 |

Dissent Magazine |

Text |

1500-3000 Words

Response Location: United States

Debtors’ unions can use collective nonpayment of debts to fight against unfair lending practices. Amid the United States’ student loan financial crisis, debtor organizations like the Debt Collective leverage organization and collective action to seek financial justice. Prior to forming the Debt Collective, activists in the group Rolling Jubilee purchased and cancelled student debt portfolios from Corinthian Colleges Inc.

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