WASHINGTON (WAVY) — U.S. Sen. Mark R. Warner (D-VA) applauded an announcement by the Treasury Department on its $9 billion investment in minority communities.
The move opens the application process for the Emergency Capital Investment Program (ECIP), a new initiative designed to support access to capital in minority and low-income communities that have historically been excluded from the financial system and that have been the hardest-hit during the COVID-19 crisis.
“Even before the pandemic, low-income communities and communities of color faced significant barriers in accessing credit and economic opportunity,” said Warner.
The funding is available as part of a record $12 billion investment to open up new credit opportunities for Black, Latino, and low-income communities that Sen. Warner successfully fought to include in the $900 billion COVID-19 relief bill Congress passed in December.
“The economic crisis caused by COVID-19 has only exacerbated those inequalities. Today’s announcement by the Treasury Department is a historic step in helping underserved communities recover and emerge from this unprecedented economic downturn with more opportunities than before,” he continued.
Read the full statement here.