Brooklyn Nets owners Joe Tsai and Clara Wu Tsai are taking the next steps to distribute money from a $50 million commitment to help minority communities.
The sports owners created a $2.5 million loan program that targets Black-owned businesses impacted by Covid-19. The money derives from the Tsai foundation’s Social Justice Fund, which was established last year, and aims to combat economic inequality in Black communities.
The new loans are part of the “EXCELerate” program and catered to owners with credit scores 620 or below. But though applicants will not be judged on the scores, business owners need to be “character-based” eligible. Hence, they’ll need to have good references to secure their loan.
There are two loan types. The “rapid recovery” loan offers immediate funds up to $15,000 and no interest attached. These loans are for businesses that stayed open during the pandemic but need...