Alphabet Inc.’s Google and a coalition of US banks and foundations are pledging to steer at least $4 billion toward small businesses and minority lending institutions, Deputy Treasury Secretary Wally Adeyemo said Tuesday.
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A group of large banks and foundations called the Economic Opportunity Coalition will commit to securing $3 billion in deposits for lenders that target underserved groups, including rural Americans and minorities, Adeyemo told reporters ahead of Wednesday’s event. The pledge is an increase over the $1 billion commitment the EOC made last year to community development financial institutions and minority depository institutions.
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