Day: December 6, 2024

Small business owners like me understand that running a small business is a privilege, but it comes with its challenges. We need all the support we can get to be successful, which is why I am excited about the Capital One-Discover merger, and the Community Benefits Plan that comes with it. 

For many aspiring small business owners, especially from marginalized communities, access to credit can be the difference between opportunity and adversity. Capital One has proven its commitment to uplifting aspiring business owners in these communities by bringing services to them, unlike other major banks. One-third of their branches are located in low- and moderate-income (LMI) neighborhoods, and they rank first among larger banks when it comes to serving LMI neighborhoods. 

Capital One is also the largest issuer of credit cards to first-time cardholders and has a strong track record in assisting customers enhance their creditworthiness. As of March 2024, 69% of their customers who started with subprime credit scores have successfully elevated their scores to prime levels of 660 or above. This achievement is especially meaningful for minority communities, as a healthy credit score is the first step to securing a small business loan. 

Moreover, Capital One’s involvement in initiatives like the White House’s Economic Opportunity Coalition demonstrates a commitment to supporting diverse communities and investing in minority-owned businesses. By partnering with Discover, a newly formed Capital One-Discover Bank can reach even more communities that are often overlooked by other financial institutions. 

In addition to the benefits that the merger will bring, I’m particularly excited about Capital One’s Community Benefits Plan (CBP) which will be set in motion should regulators approve the merger. The plan includes bold and targeted investments that will help small businesses in New York and across the country. 

I’m thrilled that the CBP dedicates $600 million to Community Development Financial Institutions (CDFIs). Minority entrepreneurs often rely on CDFIs to access small business loans and other important financial services because they are often overlooked by traditional financial institutions. This infusion of capital will empower CDFIs to better serve their communities, allowing more people to launch businesses, create jobs, and chase their dreams. 

In addition to investing in CDFIs, the CBP includes a commitment to spend $5 billion with diverse suppliers and a $15 billion earmark specifically dedicated to improve credit access for small businesses, including those in LMI communities.

The Capital One-Discover merger and the CBP plan are the kinds of targeted, bold, and ambitious solutions that our communities need from the private sector. I urge regulators to examine the positive impact that this merger and CBP will have on our communities as they review this merger.

J.P. Taylor is the co-founder of I Will Graduate, a youth development program in Brooklyn

BROOKLYN DA Eric Gonzalez on Friday announced that his Virtual Currency Unit had disrupted a scam targeting artists throughout the country.

The post DA shuts down crypto scam that cost artist, 85, life’s savings appeared first on Brooklyn Eagle.

The Brooklyn Chamber of Commerce will host its annual Winter Gala later this month, where the borough’s business-boosting arm plans to honor this year’s WNBA champions New York Liberty for their first championship win in franchise history.

“2024 was a banner year for Brooklyn, and one of many high points was the New York Liberty’s resounding championship win,” Brooklyn Chamber of Commerce President and CEO Randy Peers said in a statement. “At this year’s gala, we are proud to honor the Liberty, BSE Global, and also highlight some of the many small businesses that are driving Brooklyn’s incredible economic growth and development.”

The 2024 Winter Gala will also spotlight local business owners who Chamber officials say “exemplify the diversity of Brooklyn businesses.”

This year’s honorees — Avremy Scheinfeld of Abe’s Corner in Crown Heights, Fany Garson of La Newyorkina in Red Hook, Jennifer Wong and Santos Agustin of Gone to the Dogs in Park Slope, and Keishon Warren of BKLYN Blend in Flatbush and Bed-Stuy — have been a driving force in Brooklyn business.

The group will be honored alongside Keia Clarke, CEO of the New York Liberty, and Gregg Bishop, executive director of the Joe and Clara Tsai Foundation’s Social Justice Fund.

“This Championship is not only for our team and New York City – it’s for all Liberty Loyals and our Brooklyn community who has embraced us wholeheartedly since we began playing at Barclays Center,” said Clarke. “This was a special year for the Liberty. We are so proud to be your 2024 WNBA World Champions, and we look forward to continuing to work together to make this community even stronger.”

The gala, scheduled for Dec. 17 at the El Caribe Country Club, will also feature a trade expo and dinner, during which Peers looks forward to commemorating Brooklyn’s business communities on an outstanding year.

“The best is yet to come for Brooklyn, and we can’t wait to see what 2025 has to offer,” he said.