The UP Community Fund, a joint venture of Calvert Impact Capital and Urban Advisors, launched this month with the goal of making capital more readily available to minority-owned businesses.
According to the UP Community Fund, minority business owners have a harder time accessing affordable credit than non-minority peers. Even when approved, minority borrowers receive rates that are 200 basis points higher than non-minority borrowers.
The fund will make loans ranging from $250,000 to $1.2 million available to small businesses within its target geographic markets — including the metro areas of Charlotte, Atlanta, St. Louis and Baltimore.
– Mike Trainor, S&A Communications