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For the past two months, we have all read and seen the glaring issues affecting people of color. Latino and African Americans are dying at higher rates from COVID-19 due to underlying health issues. We must acknowledge that 95% of Latino and African American businesses have not benefited from the CARES Act Paycheck Protection Program (PPP) because small, minority-owned businesses remain underserved by mainstream lenders. And to compound matters, the death of George Floyd and many other black men and women who lose their lives at home and on the streets at the hands of police all point to long term systemic racial and social injustice.
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BCL processed just over $1,000,000 of PPP loans within hours of the Round 2 PPP opening. As promised, the SBA staggered the submission process to allow smaller non-profits and community banks a first opportunity to submit our loans for approval. The race to get PPP funding was slowed down so that small businesses could have ample time to get their documentation to their lenders. And unlike the first round of PPP that was allocated within a few days, there is PPP capital available and BCL is here to help with your application.
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In past weeks, most businesses, communities, and families were forced to make decisions quickly. The pressure knocked many into researching various resources to maintain staff, income, health and stability, mostly using technology and digital resources to adapt. Our world is transitioning and efforts towards protecting the environment and sustainability should remain consistent.
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Hello Family and Friends,
Growing up, I was taught that Sundays are holy days of obligation - days for prayer, solace, and introspection. As an economic, business, and community developer, my past weeks have been spent working around the clock, helping neighboring towns with new relief loan funds to approve close to 40 loans at zero percent interest, many of these loans forgivable after three payments.
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Headlines and social media posts continue to educate our nation about the ongoing seriousness of the coronavirus in all our communities. As our nation, state, and local communities continue to take necessary actions to flatten the curve and ensure the health and safety of people, there is also the growing reality that this issue may persist for many months and it will touch all aspects of our society.
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As a HomeOwnership Specialist, I see people every day for all kinds of hardships, from families facing foreclosure to young professionals trying to manage student debt. We know that 40% of Americans don’t have $400 in the bank to pay for an emergency expense.
During a normal moment in time, paycheck to paycheck workers are often only one emergency or surprise medical bill away from a financial crisis. During this period, we see so many Americans in an even more financially precarious position.
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At BCL of Texas, the physical and financial health of our community has always been our biggest priority. As we weather the coronavirus pandemic, we know both individuals and businesses are seeing economic impacts across our state. We’re here to let you know that we’re here, we’re open, and we’re ready to support you. **In precaution for the health of both our staff and customers, we are moving the majority of our services online through May 1 and canceling or rescheduling in-person events. ** Here are the ways that BCL of Texas is here to work with you through this period:
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BCL of Texas is here to support our entrepreneurs and small business owners who have been impacted throughout Texas. As public officials take precautions for the health and safety of our community, we recognize that small business owners may feel an economic impact.
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We’re pleased to name Harry Looknanan, Jr., as BCL of Texas Board Treasurer, after one year of service on our Board of Directors.
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Have you ever felt like you had so much debt you weren’t sure where to start even thinking about how to pay it off? Our customers Amber and Bryce, who paid off $40,000 in car and credit card debt in one year, have some advice: Go ahead and take the plunge now. “If you don’t jump now, your situation is still going to be the same a year from now,” Amber said.
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Suite 500 Austin, TX 78701 P: 512.912.9884 F: 346.301.5752 NMLS #1114924
Suite 1220 Dallas, TX 75208 P: 214.688.7456 F: 346.301.5752 NMLS #1114924
Suite 2 San Marcos, TX 78666 P: 512.383.0027 NMLS #1114924