National Business League and CBW Bank Partnership
Delivers Coronavirus Capital to Black and Minority Businesses
Applications are live
now through March 31, 2021
FOR IMMEDIATE RELEASE
Media Contact: LaToya Cunningham
January 29, 2021 – In response to the economic impact of the COVID-19 pandemic, the National Business League, has partnered with minority-owned CBW Bank, to service the second round of the Paycheck Protection Program (PPP) loans and provide relief to struggling Black and minority small businesses. Applications are live now and businesses can apply through March 31, 2021, at ppploans.cbwpayments.com.
The partnership, which pairs the nation’s first and largest trade association for Black businesses with the #1 minority-owned PPP lender in the first round of PPP (Source: S&P Global Market Intelligence), is uniquely positioned to bring economic relief to Black and minority-owned businesses. COVID-19 and the resulting economic crisis has impacted American businesses unequally. In particular, Black and other minority-owned businesses have struggled to obtain economic support during the crisis. A national study on coronavirus aid for small businesses led by University of Michigan researchers found that Black business owners were about 30 times less likely to receive government assistance than white business owners since the pandemic began in March 2020, as per a study led by Felix Kabo, an assistant research scientist at the Institute for Social Research’s Survey Research Center (Source: George Weykamp, Michigan Daily).
Suchitra Padmanabhan, President of CBW Bank, commented, “My connections to women and minority professional organizations have shared with me the difficulties that many of their members encountered securing PPP loans in the first round, so I am thrilled that Congress and the SBA extended PPP for a second round. The relief that additional loans will provide is very much needed and CBW Bank is eager to offer assistance to those who were left out during the first round, or were not given the attention they deserved.”
“Intelligence is randomly and equally distributed across all races and ethnicities. Access to information is not and tends to be controlled by a few. At CBW Bank we are leveraging technology to reach those that are information disenfranchised and provide them access to the various programs,” Chairman of CBW Bank Suresh Ramamurthi said.
Alonzo Harrison, CEO of HDB Construction, founder of African American Male Leadership Council (AAMLC) in Topeka, Kansas, and a shareholder of CBW Bank’s holding company echoed Mr. Ramamurthi’s sentiments, “I am proud to be part of an organization that has long supported African American businesses in Kansas and I look forward to the Bank extending that same support to African American businesses across the country.”
Fresh off the heels of the 2020 historic election of Vice President Kamala Harris, the first female, first Black and first South Asian Vice President of the United States, CBW Bank, continues to support the Asian American and African American communities by promoting the growth and competitiveness of minority-owned businesses. CBW Bank will be one of the Community Development Financial Institutions (CFDI) to originate PPP loans and will place particular emphasis on minority and women-owned small businesses. Suchitra Padmanabhan and Suresh Ramamurthi, both of South Asian descent purchased the 124-year-old bank in 2009.
The second round of the PPP Loan Program is open to both first time PPP borrowers and businesses seeking a second PPP loan. Black and minority businesses seeking to penetrate new markets, both domestic & global are encouraged to apply. Second-time borrowers must meet different requirements than borrowers seeking an initial PPP loan, but any small business, including sole proprietors, independent contractors, and self-employed persons, that does not exceed the maximum number of employees and meets the other program requirements may be eligible. First-time borrowers are generally limited to 500 employees and second-time borrowers to 300 employees unless the business qualifies for an exception to the size standard. The program has been expanded to include 501(c)(6) entities, destination marketing organizations (DMOs), housing cooperatives, newspapers, broadcasters, farms, and radio stations.
Applications are live now at ppploans.cbwpayments.com. While businesses can apply in this round of PPP Loans through March 31, 2021, it is a first come first served process. CBW Bank is an FDIC insured bank and Equal Housing Lender.
About the National Business League, Inc.
Founded on August 23, 1900, by the iconic Booker T. Washington, the NBL is the first and largest nonprofit, non-partisan, and non-sectarian Black business and professional trade association. With more than 120,000 members nationwide, it has regional offices in Atlanta, GA, Detroit, MI, Los Angeles, CA, and Washington, D.C., as well as more than 367 local league chapters across the country. The NBL provides access to 2.6 million Black businesses throughout the United States. Visit www.nationalbusinessleague.org, Twitter and Facebook @theNBL1900, and Instagram @NBL1900.
About CBW Bank
CBW Bank was founded in 1892 in Weir, KS. The city of Weir, founded in 1872, was a zinc mining and coal mining point. By 1910 the city had grown to include a library, opera house, railroad, a newspaper, electric lights, and waterworks. The city is located in Cherokee County and is on the St. Louis & San Francisco railroad. Since its inception over a century ago, the Bank has successfully navigated through multiple economic cycles. More recently, it has embarked on a modernization initiative including launching online banking, mobile banking, and remote deposit capture. With rapidly evolving technologies and regulations, the Bank expects to continue to develop and launch products and services that leverage these changes and innovations to serve its customers better.