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Schumer Statement On New Treasury Program To Invest $9 Billion In Minority Communities

Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) released the following statement today regarding the Treasury Department’s new Emergency Capital Investment Program (ECIP) to support investments in minority communities through Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs):

“I fought hard, alongside Senator Warner and several other colleagues, to create this $9 billion investment so that CDFIs and MDIs have the critical capital necessary to help Black and Brown small businesses survive, and I am pleased President Biden and Treasury Secretary Yellen have launched this new program to effectively deliver these transformative resources. Most Black and Brown businesses are very small and need assistance, including access to capital; this program will provide a vital stream of investment to them that will support stability, growth, and further economic development in the most vulnerable communities in New York and across America. This funding will go a long way towards helping our most underserved neighborhoods and local businesses recover and build back stronger from the COVID-19 pandemic. I will continue to fight to provide critical investments like these for our communities and make sure underserved communities get the federal investment they need and deserve.”