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By Michael Sasso
Alphabet Inc.’s Google and a coalition of US banks and foundations are pledging to steer at least $4 billion toward small businesses and minority lending institutions, Deputy Treasury Secretary Wally Adeyemo said Tuesday.
The Biden Administration announced a series of measures to boost small and minority-owned businesses ahead of its annual Freedman’s Bank Forum, which focuses on economic opportunity for communities of color.
A group of large banks and foundations called the Economic Opportunity Coalition will commit to securing $3 billion in deposits for lenders that target underserved groups, including rural Americans and minorities, Adeyemo told reporters ahead of Wednesday’s event. The pledge is an increase over the $1 billion commitment the EOC made last year to community development financial institutions and minority depository institutions.
Search giant Google also committed to spending at least $1 billion annually with diverse-owned suppliers in the US, Adeyemo said. Micron Technology, Xcel Energy and Air Products committed to steering 15% of their contract spending on outside goods and services toward small and underserved businesses by 2025.
The administration is calling on companies in certain clean energy, semiconductor and other manufacturing sectors to make a similar commitment.
Finally, the IRS is committing to spending 19% of its procurement dollars with small and disadvantaged businesses.
