New York Times: Help Black Small Businesses Recover

New York Times, October 1, Help Black Small Businesses Recover

Minority entrepreneurs and small business owners have a much harder time obtaining Paycheck Protection Plan loans, and has resulted in a large number or businesses to shut down or are fighting to recover.

The Small Business Truth in Lending Act, passed this summer by the New York Legislature and awaiting the governor’s signature, would give borrowers the information they need to make informed decisions.

Lack of access to Paycheck Protection Program loans led to the loss of countless minority-owned businesses. Predatory lenders are now targeting those that are barely hanging on. That’s why we’re urging Gov. Andrew Cuomo to sign the Small Business Truth in Lending Act and give New York’s small businesses a fighting chance at recovery.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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