I did not know about this
"On June 15, the U.S. Department of the Treasury announced an investment of $1.25 billion in economic relief grants to support communities hit especially hard by the COVID-19 pandemic. The money will go to 863 community development financial institutions (CDFIs
And guess what? I know you will be shocked. This program doesn't always help the people it is supposed to.
Idaira Chavez is just the type of car buyer that BlackRock’s new social-impact fund might have had in mind when it bought a stake in Tricolor Auto Group.
Tricolor gave Chavez, 21, a loan to buy a 2012 Kia Optima off one of its lots earlier this year. She needed the car to get to her job at a Dallas pet store after she moved to a nearby suburb.
But Chavez says being a Tricolor customer hasn’t made her life any better: A few months after buying her car from the company in January, the vehicle stopped working and she had to quit her job.
“I got ripped off,” she says.
Dallas-based Tricolor, which gets its name from the three-toned Mexican flag, is little known outside the Spanish-speaking communities it serves in Texas and California, its biggest markets.
Tricolor is certified under a U.S. Treasury program that gives special perks to businesses that lend to underserved communities. It’s also the only subprime auto lender cleared by a key rating firm to sell securities backed by its loans as “social bonds.
Chu says that Tricolor helps members of underprivileged Hispanic groups avoid predatory businesses while getting them into cars they can drive to jobs. The company focuses on undocumented migrants who often have no U.S. credit history, he says.
Used-Car Dealer Tricolor Became an ESG Favorite Amid Customer Complai…
So we taxpayers are helping companies rip off illegals AND helping them get cars to illegaly drive here.
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