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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.

In photos: Protests in U.S., across the world over Israeli–Palestinian conflict

A protest march in support of Palestinians near the Washington monument in Washington, D.C. on May 15. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Thousands of people rallied across the U.S. and the world Saturday following days of violence in Gaza and Israel that's killed at least 145 Palestinians, including 41 children, and eight Israelis, per AP.

The big picture: Most demonstrations were in support of Palestinians. There were tense scenes between pro-Israeli government protesters and pro-Palestinian demonstrators in Winnipeg, Canada, and Leipzig, Germany, but no arrests were made, CBS News and DW.com report.

Updated 9 hours ago - World

Biden in call with Netanyahu raises concerns about civilian casualties in Gaza

Photo: Ahmad Gharabli/Nicholas Kamm/Getty Images

President Biden spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices, according to Israeli officials.

The big picture: At least 140 Palestinians, including dozens of children, have been killed in Gaza since fighting between Israel and Hamas began Monday, according to Palestinian health officials. Nine people, including two children, have been killed by Hamas rockets in Israel.