Harris to Announce $1.25 Billion for Lenders in Virus Aid
- Funds intended to help small businesses, disadvantaged people
- More than 860 financial institutions to receive funding
Kamala Harris
Photographer: Alex Edelman/CNP/Bloomberg
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The Biden administration will award $1.25 billion to hundreds of community lenders in an effort to speed the economic recovery from the coronavirus pandemic, Vice President Kamala Harris will announce on Tuesday.
More than 860 community development financial institutions, which lend to small businesses and people in disadvantaged communities that have trouble getting loans from big banks, will receive the funding, according to a senior administration official. Harris is to make the announcement during a event with Treasury Secretary Janet Yellen at the White House complex.