NEW YORK, NY (January 30, 2018) - The number of minority-owned small businesses has skyrocketed in the past decade, growing by 79% - ten times faster than the overall growth rate for all small businesses in that time period.
11.1 million businesses in the United States are owned by minorities; yet these communities are drastically underserved in the world of business financing. The Minority Business Development Agency at the Department of Commerce reports that minority-owned firms are much less likely to be approved for business loans, and receive lower amounts and higher interest rates.
“These discrepancies have made minority business owners more likely to not apply for small business loans, usually out of fear of rejection,” reports Jared Weitz of Forbes.
