On behalf of all of us here at Self-Help, let me begin this message by wishing you peace and wellbeing at the end of a tough year. Our country faced and continues to face many crises, crises that have long-term repercussions for the communities we serve. While we are looking forward to the new year with hope and optimism, we are also steeled in our resolve that we will continue to support our members and communities through the ongoing challenges and beyond.
One way we offered support during the COVID-19 pandemic was with our lending through the Paycheck Protection Program (PPP). Self-Help’s PPP loan impact has been significant. We lent $183 million to 1,758 recipients, with 59% of our loans going to businesses or nonprofits led by people of color. This crucial funding has maintained nearly 20,000 jobs through the pandemic.
We strongly focused our lending on assisting organizations run by people of color, because we know that they are economic pillars in underserved communities, most at-risk for closure from COVID-19, and faced numerous barriers in accessing PPP funds.
Our affiliate, the Center for Responsible Lending (CRL), immediately recognized that the PPP would not reach many small businesses, especially businesses of color, and pushed for reforms to target its distribution. CRL’s advocacy helped broaden the program to help better serve community development financial institutions that focus on low-income communities and communities of color. This work by CRL amplified the PPP’s impact across the country, ensuring that small businesses of color received the funding they desperately needed.
Your financial support will bolster CRL in its steadfast fight to make sure the needs of communities of color and communities of modest wealth are always front and center in any future stimulus legislation.Please consider making a generous, tax-deductible donation today. With your help, CRL will enter 2021 in an even stronger position to advocate for the needs of often invisible businesses, families, and communities.
Thank you,
Martin Eakes
CEO
The Center for Responsible Lending (CRL) is a leading nonprofit, nonpartisan organization focused on financial fairness and opportunity. Fighting for economic justice for low- and middle-income families, military personnel and veterans, and people of color is our mission and highest priority.
