Small-Business Funding Dispute Challenges Community Lenders

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Community lenders are having a tough time getting a piece of the $350 billion set aside under the SBA’s Paycheck Protection Program (Corrects an earlier tweet that said this figure was $350 million, which has been deleted)

WASHINGTON—Entrepreneurs in the mountain communities surrounding Asheville, N.C., can’t always get the money they need from a bank. That’s where Matthew Raker and his team come in.

Mr. Raker is the executive director of Mountain BizWorks, a nonprofit loan fund focused on lending to small businesses that typically have trouble securing loans through traditional financial institutions. Many of the 350 small businesses he works with are led by women, minorities or people from rural areas.

 

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