SoCal Banks Awarded $330M for Small Business Loans, Support

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Six Southern California financial institutions were named Wednesday recipients of nearly $330 million in federal funds aimed at providing loans and other assistance to small and minority-owned businesses.

The awards of Emergency Capital Investment Program funds were part of $671 million doled out to 10 institutions across California, and nearly $9 billion nationally, according to the U.S. Department of the Treasury.

According to the department, the funds are designed to allow financial institutions to “provide loans, grants, and forbearance for small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled the most during the COVID-19 crisis.”

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