At its annual legislative conference, the Congressional Black Caucus
Foundation announced its donation of $5 million to five African American
owned banks. Among them are Industrial Bank in
Washington, D.C.; Liberty Bank & Trust Company in New Orleans;
Mechanics & Farmers Bank in Durham; Seaway Bank & Trust Company
in Chicago and City National Bank of New Jersey in Newark.
President Barack Obama declared that the ongoing
government shutdown would have devastating ramifications for small
businesses if it continues any longer. Specifically,
the president cautioned that the shutdown would drain resources from small
businesses, which could hamper the economic recovery.
Congressional gridlock already has stymied efforts to resurrect an
obscure but popular Small Business Administration loan program that
expired last year. The campaign looks still more daunting with the
federal government shut down.