United States: nearly $ 9 billion to reduce inequalities

The Biden administration has just announced that it will invest nearly $ 9 billion to promote lending to businesses owned by people from minorities.

MANDEL NGAN AFP

Text by: RFI Follow

1 min

The US administration will invest nearly $ 9 billion to promote loans to businesses owned by people from minorities.

They are the ones who have been hardest hit by the Covid-19 crisis.

Advertising

Read more

With our correspondent in Washington

,

US Treasury Secretary Janet Yellen admits it herself: $ 8.7 million is not enough to reduce

, but at least it's a start.

In the United States, according to a Central Bank study, when you're a Hispanic business owner, you're half as likely to be granted a non-urgent loan as when you're a white boss.

And it is even less for blacks.

In an attempt to begin to reduce these inequalities, the federal government is not going to lend money directly to these companies.

It will invest in community financial institutions which will then grant loans.

These institutions are present in 36 American states and several states have a particularly large number such as Mississippi, Louisiana, North Carolina, California and Texas.

Aid also benefiting low-income consumers

Investments under the law on emergency aid will range from less than 100,000 to 200 million dollars which will then be redistributed.

Low-income consumers in underserved communities, such as rural areas, will also benefit.

The

has made reducing inequalities in the United States one of the main pillars of its policy.

►

Newsletter

Receive all international news directly in your mailbox

I subscribe

Follow all the international news by downloading the RFI application

google-play-badge_FR

• United States

• Joe biden

• Companies

• Racism