Final Community Reinvestment Act Regulations Improve Application of Law, but More is Needed to Meet the Needs of Low-income Entrepreneurs
Statement by John Arensmeyer, Founder & CEO of Small Business Majority, on the importance of ensuring the CRA supports access to small business lending for under-resourced entrepreneurs
“The final Community Reinvestment Act (CRA) rule is a step towards modernizing and strengthening the implementation of the CRA and encouraging banks to invest in small businesses in under-resourced communities.
The CRA was long overdue for reform to reflect our 21st century lending marketplace, and the new rule ensures greater access to small business lending for under-resourced entrepreneurs.
Small Business Majority submitted comments during the regulatory review process to encourage changes that address the particular credit and funding gaps of low- and moderate-income borrowers, including entrepreneurs of color.
While we still have much work to do to close structural gaps in our banking system, this rule is an important step forward. We will continue working with policymakers to promote a more equitable economy bolstered by America's diverse entrepreneurs.”
About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 85,000 small businesses and 1,500 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.