As part of their $50 million Brooklyn Social Justice Fund, set up during last summer’s protests, Joe and Clara Wu Tsai have set up a fund to finance small business loans to people of color in the borough, with either low interest or no interest.
Both Kristian Winfield of the Daily News and Randall Williams of Sportico reported on the move Thursday.
Called EXCELerate, the program is aimed at funding Black Indigenous People of Color (BIPOC) small business owners who would not otherwise qualify for loans due to their credit score.
“We really want to address as many systemic issues as possible,” Clara Wu Tsai said in an interview.