5280, February 1, 2021, Will Support for Black-Owned Businesses Continue in 2021?
This past year’s protests brought much-needed attention to enterprises run by minority entrepreneurs. Now, local groups are trying to stretch the interest into permanent support.
An investigation by the National Community Reinvestment Coalition, a nonprofit that works to end inequities in lending, found that white people received more favorable treatment when applying for federal Paycheck Protection Program loans than Black applicants who had similar credit scores and financial histories
The number of Black-owned companies in the United States also declined an estimated 41% between February 2020 and April 2020, according to a Federal Reserve Bank of New York study, compared with a 17% drop for White-owned ones.
