The MARTA Board of Directors Business Management Committee has unanimously approved a resolution that encourages depositing a portion of the funds received through various pandemic relief acts with small, disadvantaged and minority-owned financial institutions. The resolution will be considered by the full Board on September 9, 2021.
The brainchild of Fulton County Chairman Robb Pitts, similar legislation was approved by the Fulton County Board of Commissioners in June that has resulted in a $10 million investment with two minority-owned financial institutions in Fulton County.
“We appreciate Chairman Pitts’ leadership on this issue,” said MARTA General Manager and CEO Jeffrey Parker. “This investment will ultimately benefit the people in the communities MARTA serves by making more money available at minority-owned banks for small business or home loans.”
“The Fulton County legislation was the catalyst for this opportunity and MARTA will work to expand it to disadvantaged and minority-owned banks in our partner jurisdictions that meet our investment policy guidelines,” added MARTA Board Chair Rita Scott.
“By taking this step, MARTA showed that it is more committed than ever to supporting minority-owned financial institutions and the communities they serve,” said Chairman Pitts. “This is a great moment for MARTA and all those that will benefit from this momentous decision.”
MARTA’s current Disadvantaged Business Enterprise (DBE) goal is 23 percent, which the Authority regularly exceeds when rewarding Federal Transit Administration-assisted contracts. MARTA has awarded $269 million to DBEs the last three fiscal years. MARTA also encourages its vendors to use minority-owned financial institutions.
Read more at the Saporta Report.