A new system of bundling and reselling small-business loans is funneling millions to companies owned by women, people of color, immigrants and others who are often excluded from the financial system. Community development financial institutions - known as CDFIs - focus on small loans of $5 to $250,000 sometimes even if the business has not started turning a profit.

Brett Simmons, managing director at Scale Link, said the nonprofit buys loans from CDFIs and bundles them for larger banks looking to meet requirements under the Community Reinvestment Act.

"Any CDFI, after they originate a loan, they have to wait for repayment before they have new capital to lend. And we help them get that capital back faster by purchasing loans from them," said Simmons. "So, that frees up new cash to lend. And then we also help them generate new revenue by packaging some of those loans together and selling them to banks."

This secondary market is expanding. Since Scale Link launched in 2020, it has purchased 731 loans made by CDFIs to California small businesses, worth more than $14 million.

Sara Razavi, CEO of Working Solutions CDFI, said her group focuses on helping businesses that have a hard time getting financing from traditional banks that prefer to deal with larger, more established companies.

"They're just low-income individuals who have limited credit profiles and have been designated by banks as being less likely to pay back, but we have an over 95% repayment rate," she explained. "So, the quality of our portfolio is extremely strong."

Nationally, Scale Link has purchased more than 2,800 loans worth $43 million and has donated $4.4 million in profits back to the CDFIs.

The U.S. Department of Labor is holding $6.8 million in unpaid wages for more than 5,000 Maryland workers, and said time is running out to claim the wages.

The Labor Department enforces the Fair Labor Standards Act, which includes regulations for minimum wage, overtime pay, record-keeping and youth employment.

A new study labeled Maryland the worst state for wage theft, with more than $2,200 of back wages per employee.

Nick Fiorello, wage and hour division district director at the Baltimore office of the Labor Department, said they may investigate a complaint from a worker or third party but they also look into specific industries considered common wage-theft culprits.

"Low-wage industries; construction industry, residential home-care industry, restaurants, food service industry, landscaping," Fiorello outlined. "Sometimes we're just initiating investigations out of one of those priorities that has nothing to do with a complaint."

Workers can see if they are owed unpaid wages by going to the Department of Labor's database, called Workers Owed Wages. There, workers can look for their employer and their own name to see if they are owed unpaid wages.

The $6.8 million is a drop in the bucket of total unpaid wages in Maryland. One study from the Center for Popular Democracy estimates nearly 600,000 Marylanders are cheated out of wages each year, totaling nearly $900 million a year.

Fiorello stressed it is important to let people know about the millions in unpaid wages because time could be running out for some people to collect. He added the Department of Labor legally can only hold unpaid wages for so long.

"We keep the money for up to three years and unfortunately, we have to pass it along to Treasury after that," Fiorello pointed out. "The workers do have a short time period in order to claim the money, so that's why we want to make sure folks understand that there's this website that exists that they can check out and see if they are owed some money."

A study from the Economic Policy Institute found nationally, workers lose out on $15 billion in wages just from minimum wage violations.


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A Pennsylvania environmental justice group is voicing concerns about the blocked sale of U.S. Steel to Nippon Steel, citing its effect on the community and jobs if it ultimately goes through.

On Monday, Nippon Steel and U.S. Steel filed a lawsuit challenging the Biden administration over the decision.

Matthew Mehalik, executive director of the Pittsburgh-based nonprofit Breathe Project, said Nippon's bid would not have benefited union workers or the community, as it did not include a long-term plan for helping the Mon Valley. He added Nippon said they would honor all collective bargaining agreements, but the union contract expires in 2026.

"If you look at the big picture, really what Nippon wants is the Big River Steel, brand new electric arc nonunion facilities in Arkansas that U.S. Steel spent over $4 billion over the past couple years purchasing and building up as a threat to deunionize U.S. Steel."

Mehalik noted Nippon Steel's $1 billion Mon Valley investment pledge lacked detail, only specifying a new hot strip mill at Irvin Works, one of the three components of the Mon Valley Works along the Monongahela River. For its part, Nippon Steel said it has committed to preserving jobs, the U.S. Steel name and branding, and the Pittsburgh headquarters.

Mehalik argued Nippon's investment plan lacks specifics on how it will address the long-term health issues caused by decades of pollution in the community. He pointed out U.S. Steel has faced more than $65 million in fines and settlement agreements since 2020 due to Clean Air Act violations, primarily stemming from its Mon Valley facilities.

"The ongoing pollution that's been present for a long time in the Mon Valley; our county is in the top 1% of counties nationwide for cancer risk from toxic air pollution," Mehalik outlined. "The asthma rate in the communities is more than double the state average and the national average."

Mehalik noted carbon-based steelmaking faces a major shift as the steel industry transitions to decarbonization. Automakers are already seeking carbon-free steel, a growing market driving innovation in steel production. However, the Nippon deal includes no commitments to decarbonization and instead appears to reinforce fossil fuel-based steelmaking.


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Some New York hospitals are not adequately staffing nurses, according to a new report.

The New York State Nurses Association report showed between January and October 2024, hospitals failed to staff intensive care units and critical care patients at the state-mandated ratio more than 50% of the time. The report also said most hospitals do not publicly post staffing ratios as state law requires.

Margret Franks, a registered nurse at Vassar Hospital in Poughkeepsie, said it greatly affects patient care.

"We were regularly coming into a shift where we had eight patients when we were only supposed to have five, with one nurse at six on a 36-bed unit," Franks outlined. "Eight patients means out of every hour that you're there you can only give seven and a half minutes worth of care to that patient in your shift."

She argued it is impossible to provide good patient care and do everything a nurse has to in a given shift. While one recommendation is hiring more and retaining nurses, it is not so simple. Reports have shown labor expenses at New York hospitals grew 36% since 2019. While 2024 is the second year they declined, it is still double what they were in 2019.

Other report recommendations included the Department of Health increasing transparency so people see a hospital's actual staffing levels, enforcing safe staffing levels and expanding nurse recruitment and retention.

Franks stressed the issues outlined in the report exist beyond her workplace.

"This is not a problem that's exclusive to the Hudson Valley where I work," Franks pointed out. "It's not a problem that's even exclusive to New York State, it's nationwide. The reason for this is because you have these corporations coming in, taking over health care systems, and they're all using the same playbook."

Many studies have shown the ongoing nursing shortage is only set to continue due to many factors. Chief among them is the high stress nurses face in their work. Franks feels the shortage is not about people not wanting to enter the profession. Instead, she said it is about nurses wanting better work environments.

"Each facility has to create the kind of work environment somebody would want to willingly go into and work," Franks asserted. "It's not that the nurses who are not at the bedside right now don't want to work, it's just that they don't want to work in the situations that have been created by the facilities."


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