The W.K. Kellogg Foundation has contributed a $1.2 million grant to the National Community Reinvestment Coalition, which will support a three-year investigation of small business lending practices at banks in three US metropolitan areas.
As big banks focus on big businesses, it has become harder and harder for Chicago’s small business owners and entrepreneurs to secure reasonable loans from responsible lenders.
Earlier this year, in a large metropolitan area of the eastern United States, two men walked into the same bank branch on the same day, each at different times of the day.
They each came in with nearly identical business backgrounds and strong credit histories, and they each asked about a small business loan of $60,000-$70,000 to expand their business and to possibly hire a part-time employee. There were some key differences, like each man’s name and their company names — and their race.
Overall, black entrepreneurs seeking small business loans faced more scrutiny compared to their equal or less creditworthy white counterparts.
Letter from over 100 Groups and Advocates Calling on Members of Congress to Support Section 1071 of the Dodd-Frank Act, Small Business Data Collection and Disclosure (Download)
Home Mortgage and Small Business Lending in Baltimore and Surrounding Areas(Download PDF) This report, Home Mortgage and Small Business Lending in Baltimore and Surrounding Areas, details lenders’ abandonment of neighborhoods in Baltimore based upon the race of members of those neighborhoods and the preferences of lenders for white borrowers and majority white neighborhoods. Using maps, […]
The Small Business Teaming Center (SBTC) supports the abilities of small businesses to pursue and win government contracts by creating a team of businesses that can work together to fulfill the requirements. Our services include: Opportunity Identification and Vetting, Facilitation of Teaming Agreements, and Capture Management. Contract OpportunitiesSBTC assists its clients to identify and develop […]
Washington, DC – Today, 19 national consumer and civil rights groups led by the National Community Reinvestment Coalition (NCRC) sent letters to members of the U.S. Senate asking them to sign on to Senator Cory Booker’s letter urging the Consumer Financial Protection Bureau (CFPB) to issue rulemaking on small business loan data. Section 1071 of […]
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) released a report entitled “Access to Capital and Credit in Appalachia and the Impact of the Financial Crisis and Recession on Commercial Lending and Finance in the Region.” The report, which was commissioned by the Appalachian Regional Commission, and authored by NCRC and Woodstock Institute, […]
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) announced that the NCRC Community Development Fund has received certification from the Community Development Financial Institutions Fund as a Community Development Financial Institution (CDFI). “We are very excited to receive CDFI certification,” said NCRC President and CEO John Taylor. “This certification will allow NCRC […]