Utilize Existing Financial Infrastructure to Build an Equitable Post-COVID Recovery
Faced with the COVID-19 pandemic and socioeconomic inequities, a national conversation has emerged around the efficacy of economic policies to ensure that recovery is inclusive of underserved racial minorities and equitable in terms of remedying the existing generational wealth divide.
The pandemic forced thousands of small and minority-owned businesses to close their doors permanently. Millions of Americans, largely in vulnerable communities, are now unemployed. Amid this economic crisis, public policymakers and the private sector must work together to develop the best strategies to support these communities.
This report from the Milken Institute’s Center for Financial Markets examines the interplay of Opportunity Zones, Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs), COVID-19 incidence and fatality rates, and population demographics to inform potential place-based solutions to the socioeconomic effects of the pandemic.