The U.S. Treasury Department announced Tuesday the release of $8.7 billion to help increase lending to small and minority-owned businesses and people living in poorer communities with limited access to banking.
The funds from the Emergency Capital Investment Program, which was created this year, will go to 186 community-based financial institutions. Vice President Kamala Harris and Treasury Secretary Janet Yellen will discuss the investments in remarks Tuesday morning at the Freedman’s Bank Forum.