Washington, DC – After hearing from Black-owned small businesses across Pinellas last weekend, Congressman Charlie Crist (D-St. Petersburg) spoke on the House floor in support of the Community Reinvestment Act (CRA), shining a light on the disparity Black business owners have experienced when applying for PPP loans under the CARES Act – only to ultimately be rejected by the big banks.
The CRA, originally enacted in 1977, requires banks to make loans in low- and moderate-income communities in an effort to combat discriminatory lending practices that leave out working families and communities of color.
Recently, the CRA was weakened by the Trump Administration, opening minority customers up to redlining and putting financial services out of the reach for many Main Street small businesses.
Watch as Congressman Crist speaks on the House floor and shares the story of these Black business owners.
