Amalgamated Bank applauds and appreciates the actions of Congress to increase funding for the Small Business Administration (SBA) Payroll Protection Program (PPP), specifically creating carve outs for local banks, minority deposit institutions, and community development financial institutions. We stood with our customers earlier this week calling on Congress to swiftly act to expand PPP and we are pleased to see that happen.
Amalgamated Bank believes that resources should be targeted to those most in need, which includes community businesses, nonprofits, and minority owned enterprises. These carve outs are a big step forward to ensure those resources stay out of the hands of large, foreign companies who have more tools to weather this storm.
To our customers and those who need it most, we know that until everyone is back on solid footing – there is no amount of aid from the government that will be enough to get you through this unprecedented time if those dollars don’t reach your own balance sheet. While positive for the macro economy, these additional resources will be inadequate to address the real pain that small businesses and nonprofits – as well as their employees – are facing in this moment of crisis. Thus, we’ve worked hard to research and catalog every resource we could find that we believe could be uniquely appropriate to Amalgamated clients.
As you may have seen, Congress allocated a specific carve-out in this latest round of funding specifically reserved for Community Development Financial Institutions (CDFI’s). This is a great resource for nonprofit organizations and other social change groups. We specifically want to highlight the fantastic work of the National Development Council’s (NDC) Grow America Fund and Nonprofit Finance Fund (NFF). Also, check out a list of SBA Lenders through the Opportunity Finance Network (OFN) on our Client Resource Hub.
Lastly, for a comprehensive list of every financial resource available to you, please visit the Bank’s Client Resource Hub. Please note that in addition to the PPP program, there are several state and municipal programs for which your organization may qualify.