WASHINGTON, D.C. – Today, U.S. Senator Thom Tillis (R-NC) co-sponsored the Economic Empowerment for Underserved Communities Act, legislation introduced by U.S. Senator Kelly Loeffler (R-GA) to increase access to capital, create jobs, and encourage long-term investments in low-income minority communities.

“Our low-income and underserved communities currently face many barriers towards a more prosperous future, while likewise lacking the investment and access to capital needed to initiate real change,” said Senator Tillis. “This legislation will provide the support, programs, and capital needed to promote community and economic development in North Carolina’s underserved communities, in turn creating jobs and opportunities. This well-thought-out plan will pay dividends for future generations, and I am proud to work with my colleagues to create a long-term economic plan for these deserving communities.”

Background:

The Economic Empowerment for Underserved Communities Act will expand access to capital and incentivize investment in underserved communities to create jobs, increase economic revitalization, and improve community development. 

The legislation allocates $7 billion to the Community Development Financial Institutions (CDFI); makes the New Markets Tax Credit permanent to incentivize investment in low-income communities; encourages investment in Opportunity Zones by establishing trained representatives to facilitate participation in the program; establishes Chairman Rubio’s new Small Business Investment Company (SBIC) facility, which would enhance access to venture capital dollars for minority-owned small businesses, manufacturing startups, and firms whose revenues were impacted by COVID-19; and extends Small Business Administration debt relief provisions from the CARES Act.

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