Minority-Owned Small Businesses Struggle To Gain Equal Access To PPP Loan Money

Just 12% of black and Latino business owners who applied for PPP loans reported receiving what they asked for, according to a

by Global Strategy Group, and nearly half of these individuals say they anticipate being forced to close permanently in the near future.... [+] small businesses through the Paycheck Protection Program" in the East Room at the White House on Tuesday, April 28, 2020 in Washington, DC. The survey included interviews with 500 business owners and 1,200 workers from April 30 to May 11.report last month, the small businesses that received aid"weren't always the ones with the greatest needs or the best chances to survive the coronavirus pandemic;" instead,"a firm made the cut often came down to how and where it banked.

This recent data underscores the historically tenuous relationships that minority business owners have with many major banks, making it increasingly difficult for minorities to navigate the obstacles necessary to secure a federal loan successfully. The PPP program was the first time some black and Latino business owners had ever sought a bank loan and,,"many banks considered applications only from existing customers; some, like Bank of America, even turned away people who had opened credit cards through other lenders."

NateReis did Blue Acorn make all 12%?

Try a better bank or more diligent effort. The first wave was surely flawed but the second worked fine. Shame on you Forbes for stuffing a picture of POTUS at the top of this tweet. Like he's mandating it only goes his rich, white buddies. My business owners are neither.

That's because realDonaldTrump and the GOP made sure where most of the money went.

Were the forms submitted correctly? When did we start keeping track of ethnicities who own businesses? When u open a store, does the govt ask if you’re a minority?

I know a few that just gave up. BOA application requested tons of info that they’ve had on file for years.

Because that would matter depending on importance.

No mention of what kind of business?

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Minority-Owned Small Businesses Struggle To Gain Equal Access To PPP Loan MoneyAccording to a survey released Monday, only 12% of minority-owned small businesses were able to secure the loans they requested. I’m white. They declined me. Please stop. Several other white friends also got denied. I do know other minorities that got declined as well. But we all bleed red so really who cares about what race. We’re all the human race and we’re all getting treated like trash. This complete nonsense. Funny how I don’t remember the “mark your ethnicity” piece on the loan application. More BS
Source: Forbes - 🏆 394. / 53 Read more »

Why This PPP Loan Data Might Actually Be Good News For Small BusinessThe Paycheck Protection Program or PPP is finally getting loans to the small businesses and self-employed individuals who need it the most. However, it is fintech firms who are now leading the charge in helping small business during the Covid-19 crisis. I'm interesting In this
Source: Forbes - 🏆 394. / 53 Read more »