The U.S. Treasury Department awarded more than $10 million to three San Diego County Community Development Financial Institutions (CDFIs) to bolster pandemic recovery and small business lending in low-income regions. Vice President Kamala Harris announced on Monday that more than $1.73 billion would go to 603 CDFIs across the country. “This dollar amount is extraordinary.”Many of the federally backed loans Neighborhood National Bank provides go to businesses hit hard by the pandemic. Their clients include minority-owned businesses like restaurants, gas stations and markets in Southeastern San Diego and Imperial County. Phillips said funds may also go toward loans to housing developers tackling San Diego’s housing needs by building low-income and middle-income homes.

Source: thestar April 13, 2023 16:13 UTC