The Biden administration unveiled a plan Thursday to invest $9 billion in minority communities, taking an initial step in fulfilling its promise to ensure that those who have been hit hardest by the pandemic have access to loans as the economy recovers.
The Treasury Department said that it is opening the application process for its Emergency Capital Investment Program, which will provide a major infusion of funds to community development financial institutions and minority depository institutions as they look to step up lending.
The effort is a priority of Treasury Secretary Janet Yellen, who has warned that the fallout from the pandemic is exacerbating U.S. inequality.
