REUTERS: As the government issues a second round of aid for small business owners, some U.S. senators, community banking groups and minority-owned banks said they are worried businesses owned by people of color may miss out on receiving much-needed loans.
Smaller businesses, especially those owned by black and Hispanic entrepreneurs, often lack traditional banking relationships, which could make it more difficult for them to access loans under the program. Soon after the program launched on Monday, some community lenders said they had issues submitting their loans. The"E-Tran" application processing website crashed within minutes of the launch after experiencing high volume.The US$30 billion in funds reserved for small lenders with less than US$10 billion in assets was depleted by Tuesday afternoon, requiring smaller lenders that didn't get through to compete with larger firms for loans.
Entrepreneurs who haven't taken out business loans before may need more help with the application process, putting them at a disadvantage for a program that requires speed, said Joe Neri, chief executive IFF, a CDFI that focuses on nonprofit organizations.
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