U.S. Vice President Kamala Harris delivers remarks during the Congressional Black Caucus Foundation Phoenix Awards Dinner at the Walter E. Washington Convention Center in Washington, U.S., September 23, 2023.
REUTERS/Elizabeth Frantz/File Photo Acquire Licensing RightsWASHINGTON, Oct 25 (Reuters) - The Biden administration on Wednesday urged big companies to deposit another $2 billion into U.S. community lenders to boost loans to minority and underserved businesses, and asked them to devote 15% of their procurement budgets to such firms.
Alphabet Inc's Google (GOOGL.O) will commit to spending at least $1 billion annually with "diverse-owned suppliers" in the United States, the Treasury said.
The Treasury had previously invested nearly $9 billion into Community Development Financial Institutions (CDFIs) and minority-owned banking firms to make more capital available to minority firms.
"In order for these minority owned banks and CDFIs to lend that money, they need deposits," Deputy Treasury Secretary Wally Adeyemo told reporters.
Persons:
Kamala Harris, Walter E, Elizabeth Frantz, Biden, Harris, Wally Adeyemo, David Lawder, Sonali Paul
Organizations:
Congressional Black Caucus Foundation, Washington Convention Center, REUTERS, Rights, Wednesday, Micron Technology, Air Products, Xcel Energy, Treasury Department, Treasury, Freedman's Bank, Community Development Financial, Management, Internal Revenue Service, Thomson
Locations:
Washington , U.S, United States