U.S. Treasury Funding Gives Black-owned Bank Boosts in Helping Minorities and Lower-Income Communities
U.S. Treasury Funding Gives Black-owned Bank Boosts in Helping Minorities and Lower-Income Communities
'A great opportunity for Black banks across the country'
By Angela Swinson Lee
Special to the Trice Edney News Wire from the Washington Informer
(TriceEdneyWire.com) - The year 2022 has proven to be a big year for B. Doyle Mitchell Jr., president and CEO of Industrial Bank, based in the nation's capital.Not only has he celebrated a milestone birthday this year, but funding from the federal government and a community partnership may help to take the district’s Black-owned bank to the next level.
In June, the bank received $82 million from the U.S. Treasury Department’s Emergency Capital Investment Program. The program was established to encourage financial institutions in low- and moderate-income communities to augment their efforts to support small businesses and consumers in their communities, according to the Department of Treasury’s website.
The program enables the Agency to provide up to $9 billion in capital directly to depository institutions that are certified Community Development Financial Institutions or minority depository institutions to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers.
“I’m sticking to that,” he joked.
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