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It takes a lot to turn an idea into a small business: A storefront or some office space.
That’s why it can be so devastating to be turned down for a business loan — which disproportionately happens to Black-owned businesses.
And that is an indicator of the larger inequities for Black business owners.
AdvertisementIn that same time frame, 38% of Black-owned small businesses did not receive any of the financing they applied for, compared with 33% of Latino-owned businesses, 24% of Asian-owned businesses and 20% of white-owned businesses, the report said.
AdvertisementCollecting data on lending practices for small businesses owned by people of color would help ensure the process is fair.

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