The Congressional Black Caucus foundation is pooling its money together to invest in creating jobs in several cities.
The foundation is planning to deposit five million dollars into minority-owned banks to stimulate economic development. The banks, where the foundation will deposit the money, are located in Chicago, Newark N.J., New Orleans, Durham N.C., and Washington D.C. The foundation will deposit one million dollars in each city.
The objective of the deposits is to increase the availability of loans for businesses and individuals.
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