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“Most small African American, or even any business of color, basically has to leverage everything they have in order to believe in themselves to be able to say, ‘I am going into business.’ They don’t have the resources around them that would necessarily be afforded to another business of persuasion.”īlack-owned businesses have long faced challenges in getting financing. they’re expecting that you already understand the lending process,” Brown said. “When you walk into the traditional bank environment.
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And that is an indicator of the larger inequities for Black business owners. Many of those businesses don’t have the necessary documentation, such as payroll records in a specific format, to be approved.
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About 80% of its clients, which include a number of Black-owned businesses, have been rejected for business loans or otherwise had their applications put on hold. Delores Brown often encounters these questions about funding in her role as director of loans at Vermont Slauson Economic Development Corp., which offers small-business loans and other financial products.