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Access to Credit for Black and African American Small Businesses

As we celebrate Black History Month, it is as important as ever to acknowledge this ongoing challenge faced by the Black and African American business community and consider solutions to help shift the landscape for better equity and prosperity.

Assessing the problem

According to the National Bureau of Economic Research, Black-owned small businesses are closing at nearly twice the rate of the industry placing a spotlight on the lack of access to credit.

The first step in solving any problem is acknowledging it exists. These businesses are often smaller in terms of number of employees, payroll and startup capital, and they may not have established banking relationships. These factors make them much more susceptible to economic downturns and challenges as they stage a comeback.

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