In early June 2020, the Small Business Administration’s Paycheck Protection Program (PPP) Flexibility Act was signed into law. The PPP program was created to provide much-needed relief to small businesses who want to keep their workers on payroll as the companies work through the economic difficulties caused by COVID-19.
A message from President James Christensen
Like many of you, our team has been deeply saddened by the loss of George Floyd, Ahmaud Arbery, Breonna Taylor, Rayshard Brooks, Phoenix’s own Dion Johnson, and countless other Black lives that have been taken. While these incidents brought racism to the public’s attention, it has been a problem for far too long. Our country is at a turning point, and we want to be part of making it a better, safer place for everyone.
At Gateway, we’re channeling our emotions into action. We understand the unfortunate disparity in access to capital between Black- and white-owned businesses. The 2020 Federal Reserve Small Business Credit Survey noted that non-Hispanic Black owners are half as likely to have obtained bank funds as non-Hispanic white owners (23% vs. 46%, respectively).
Gateway’s inclusive, tenured team has deep experience and is always willing to listen, learn, and consult with minority-owned businesses to help them access capital. If you or someone you know could use this support, please have them contact us. We’re here to serve the community.
While this is a start, confronting racism is more than one donation, newsletter, or social media post. It’s ongoing work, and we’re committed to doing it. We will continue to employ a diverse team and stand up for what’s right. We want to be part of the solution, starting in our own backyard.
Take care of yourselves and each other,
There comes a time when every business needs an infusion of cash. Whether your company is growing and business is booming, or some unexpected challenges have hit and you need an assist, a business loan can be a smart way to keep moving forward.
As coronavirus cases grow in Arizona, we are proactively and temporarily closing our branch lobby again as of June 11, 2020, for everyone’s health and safety.