Bollyinside, Febuary 2, 2021, Reinvestment Coalition Says Evidence Indicates Unequal Access to Business Support Banking Services for Minorities
Some new research from National Coalition for Community Reinvestment (NCRC) appears to validate some of the fears of many loan advocates amid coronavirus-related recovery efforts: inequality in access to useful banking services.
The latest report, released on Tuesday, February 2, builds on previous NRC research documenting lending discrimination in the Paycheque Protection Program – and as we saw last summer, there have been documented examples of small minority-owned businesses in Northeast Ohio facing more challenges when it comes to securing PPP funding over others.
The latest NRC research includes survey results sent to 938 small business owners in nine metropolitan areas between October 23 and December 29 of last year. The results indicate that black and Latino business owners had less access to bank assistance, not just to get stimulus money, but to do things like change the terms of outstanding loans and credit card debts. credit.
