Adrienne Parker knows what it is like to struggle as a Black small business owner during the pandemic.
The sole proprietor of Peace of Mind Consulting, a management and bookkeeping consulting firm in Atlanta, Parker saw much of her income dry up as clients faced their own financial struggles.
So when the first round of Paycheck Protection Program loans became available, she went to a community development financial institution (CDFI), Atlanta-based Access to Capital for Entrepreneurs, instead of a big bank.
“I have heard the horror stories, and I have witnessed the horror stories first-hand, the experiences with the large banks,” said Parker, 37.
While she eventually got a $9,000 loan, one of her clients, who went through a larger institution, waited for months to find out they had been turned down.