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Axios' CEO Jim VandeHei and Margaret Anadu, head of Goldman Sachs Urban Investment Group. Photo: Axios screenshot

The head of Goldman Sachs Urban Investment Group says African American business owners have not had the same relief from the Paycheck Protection Program as other businesses.

What she's saying: Minority-owned businesses "are disproportionally operating in low-income communities and some of these underbanked areas where, per capita, they just don't have the same level of bank branches and bank infrastructure," Margaret Anadu said Wednesday at an Axios digital event.

The big picture: Anadu said Goldman Sachs loan data shows that African American business owners have not been able to apply for Paycheck Protection Program loans at the same rate as other businesses.

  • Anadu noted a disparity in African American business owners who applied for the loan but were not approved.
  • She noted that the size of the business also affected the chances of receiving a loan. Businesses with more employees were more likely to be approved for a loan.
  • "I think, unfortunately, it's important to remember that a lot of those disparities, you know, they did not materialize overnight," Anadu said. "They're not specifically and only related to the pandemic we're currently in, but they really shine a light on the disparities that have been in these communities for a long time."

Editor's note: Goldman Sachs sponsored this Axios Event.

Go deeper

Aug 14, 2020 - World

Lawmakers demand answers from World Bank on Xinjiang loan

Illustration: Sarah Grillo/Axios

U.S. lawmakers are demanding answers from the World Bank about its continued operation of a $50 million loan program in Xinjiang, following Axios reporting on the loans.

Why it matters: The Chinese government is currently waging a campaign of cultural and demographic genocide against ethnic minorities in Xinjiang, in northwest China. The lawmakers contend that the recipients of the loans may be complicit in that repression.

Pentagon approves request for 100 National Guard troops for "Justice for J6" rally

Security fencing has been reinstalled around the Capitol. Photo: Drew Angerer/Getty Images

Defense Secretary Lloyd Austin has approved a request from Capitol Police to provide 100 D.C. National Guard troops in case law enforcement requires additional support at Saturday's "Justice for J6" rally at the Capitol.

Why it matters: Security preparations have ramped up ahead of the pro-Trump demonstration, where hundreds of protesters sympathetic to the Jan. 6 Capitol attack are expected to gather.

Biden threatens new sanctions against Ethiopian officials over Tigray conflict

Photo: Al Drago/Getty Images

President Biden on Friday signed an executive order allowing the Treasury and State Departments to impose sanctions against Ethiopian officials "responsible for, or complicit in, prolonging the conflict" in the Tigray region.

Driving the news: Hundreds of thousands of people are facing famine conditions in Tigray, but less than 10 percent of the needed humanitarian supplies has reached the region over the last month "due to the obstruction of aid access" by the Ethiopian government, according to Biden administration officials.