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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.

34 mins ago - Health

Pfizer begins clinical trial for Omicron-specific COVID vaccine

A health worker in Palestine preparing a dose of the Pfizer-BioNTech's coronavirus vaccine on Jan. 24. Photo: Majdi Fathi/NurPhoto via Getty Images

Pfizer and BioNTech announced Tuesday that they have started clinical trials for a reformulated vaccine to protect against the Omicron coronavirus variant.

Why it matters: The rise of the Omicron variant has forced vaccine makers to reassess the effectiveness of their vaccines.

Retail stock traders power stunning comeback after deep selloff

Illustration: Megan Robinson/Axios

Stocks staged a Patrick Mahomes-esque comeback Monday, after plunging for the first few hours of trading.

Why it matters: The remarkable recovery suggests that retail traders who upended markets over the last year — most notably during the GameStop bonanza that occurred almost exactly a year ago — continue to be powerful influence in the markets.