Bloomberg Tax
July 2, 2020, 8:45 AM

Overlooked Community Lenders Seek Aid After Missing Loan Frenzy

David Hood
David Hood

“Panic,” is how Joe Sky-Tucker described the sentiment among his low-income clients in late March.

His Seattle-based organization, Business Impact NW, was in a scramble to help clients who often can’t get loans at traditional financial institutions. Unequal access to federal help meant money was getting tighter for the $12 million institution, as it faced mounting funding requests from panicked customers.

“It was so new that everybody was in a panic: ‘What’s going to happen to their business, what’s going to happen across the economy, what’s going to happen from a public health standpoint,’” Sky-Tucker said. “Everyone was just ...

Learn more about Bloomberg Tax or Log In to keep reading:

Learn About Bloomberg Tax

From research to software to news, find what you need to stay ahead.

Already a subscriber?

Log in to keep reading or access research tools.