HuffPost December 15,2017: Chicago Small Businesses Need Better Lending Options
The National Community Reinvestment Coalition found that black-owned businesses received just 2.3 percent of Small Business Administration loans in 2013—down 8.7 percent from 2008. Women don’t fare much better. A poll last summer found that just 30 percent of women-owned companies were able to get a bank loan during the previous three months, compared to half of all owners survey.
We believe that new tools like SimpleGrowth are a big part of the solution to this problem. When small business owners are connected with responsible lenders, better resources and support services, capital flows more freely and more fairly, meaning businesses can grow and communities can thrive. When that happens, all of Chicago shares in that success.