SBA-MI Partnership for Lending in Underserved Markets Launch
About the Partnership for Lending in Underserved Markets (PLUM) Initiative
The PLUM Initiative is a joint effort by the U.S. Small Business Administration and the Milken Institute to identify and implement practical recommendations to increase lending to underserved markets. The initiative will focus on piloting efforts to enhance access to capital for minority-owned small businesses in two markets. The Baltimore pilot initiative, in particular, will focus on African-American-owned small businesses, while the Los Angeles initiative will focus on both African-American and Hispanic-owned small businesses. Both demographics, in particular, suffered greatly during and after the recent financial crisis and small business lending to underserved markets in Baltimore and Los Angeles, indeed nationally, has yet to recover.