Minority Depository Institutions: Paycheck Protection Program (PPP) Lending Insights, authored by Anthony Barr, Research and Impact Director, and Carl Romer, Research Manager at the National Bankers Association Foundation, provides insight on the important role that MDIs had in supporting small businesses and their employees with the Paycheck Protection Program (PPP) during the COVID19 pandemic.
As detailed in this piece, our research finds that MDIs outperformed non-MDI banks in deploying PPP loans and loan dollars to minority and low-income communities.
Specifically, our analysis finds that:
- 119 MDIs collectively issued nearly 270,000 PPP loans and more than $16 billion in loan dollars.
- MDI participation in PPP lending was substantial across all MDI types, with 81% of Asian American or Pacific Islander (AAPI) MDIs participating, 84% of Black or African American (Black) MDIs, 84% of Hispanic or Latino (Hispanic) MDIs, and 94% of American Indian or Alaska Native (AIAN) MDIs in existence as of Q4 2021.
- MDIs loaned money to all 50 states: Washington, D.C., Puerto Rico, Guam, the United States Virgin Islands, American Samoa, and the Northern Mariana Islands.