Tags American Recovery and Reinvestment Act (ARRA)
Tag: American Recovery and Reinvestment Act (ARRA)
Loans handed out to struggling small businesses as part of President Barack Obama’s stimulus package have largely shut out minority businesses – especially those owned by Blacks and Latinos. Overall, white-owned businesses received over $130 million in loans through the program, while Hispanic-owned businesses got $4 million and Black-owned businesses less than $2 million.
"We should own and operate and control the economy of our community," said Malcolm X. To make that happen, businesses in the hood should grab the new ARC loans: no-interest loans with no payments due for a year, offered beginning June 15 by the U.S. Small Business Administration, revitalized by President Obama. Merchants and residents who hire and trade with each other build peace and prosperity in the hood.
The San Francisco Housing Authority is spending $5 million to create hundreds of jobs where many of us live. But Blacks will be excluded unless Black contractors can borrow from a loan fund so they can hire Black workers. Pack the Housing Commission meeting Thursday, May 14, 4 p.m., at 440 Turk St. to demand our fair share.