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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.

2 mins ago - Politics & Policy

Patrick Gaspard to leave George Soros' Open Society Foundations

Patrick Gaspard speaks onstage at the 2020 Sundance Film Festival. Photo: Ernesto Distefano/Getty Images

Patrick Gaspard, who served as ambassador to South Africa under President Barack Obama, is stepping down as president of George Soros' Open Society Foundations, fueling speculation that he'll join the Biden administration, potentially as Labor secretary.

What to know: Before his stint as ambassador, Gaspard was Obama's political director in the White House, drawing upon his experience in the labor movement to advance Obama's legislative agenda on health care and financial services reform.

House passes bill to decriminalize marijuana

Rep. Earl Blumenauer (D-Ore.), a longtime marijuana legalization advocate and co-sponsor of the bill. Photo: Pete Marovich For The Washington Post via Getty Images

The House on Friday voted 228-164 in favor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, marking the first time a congressional chamber has voted in favor of decriminalizing marijuana at the federal level.

Why it matters: The Washington Post describes the bill as a "landmark retreat in the nation’s decades-long war on drugs," which has disproportionately affected people of color.