Harris announces $1.25 billion for community lenders

WASHINGTON (AP) — Vice President Kamala Harris has announced that the Biden administration is distributing $1.25 billion to hundreds of community lenders. It’s an effort to help boost the economic recovery for small businesses and disadvantaged business owners hurt during the coronavirus pandemic. The funds are going to more than 860 community development financial institutions, or CDFIs, around the country. CDFIs offer loans to small businesses and those who may be turned down for loans from major banks, a problem that studies have shown particularly plagues minority business owners. Harris has focused on small businesses from the start of her vice presidency, and has emphasized the need to support minority- and female-owned small businesses as key to a robust economic recovery.