JONESBORO, Ark. (KAIT) - The U.S. Small Business Administration announced Thursday that the Treasury Department is setting aside $10 billion of the second round of the Paycheck Protection Program to be given to Community Development Financial Institutions.
Among those receiving funds in the only CDFI to receive money in Region 8 is FNBC in Ash Flat.
“The forgivable loan program, PPP, is dedicated to providing emergency capital to sustain our nation’s small businesses, the drivers of our economy, and retain their employees,” said SBA Administrator Jovita Carranza. “CDFIs provide critically important capital and technical assistance to small businesses from rural, minority and other underserved communities, especially during this economically challenging time.”
According to the media release, as of May 23, CDFI’s have approved more than $7 billion ($3.2 billion in Round 2) in PPP loans.
An additional $6.8 billion will ensure that entrepreneurs and small business owners have access to the financial system and that they receive capital to maintain a strong workforce, officials said.