“While progress has been made, our data also tells a deeper story: historic inequities in accessing capital persist, and we must do more to lower the barriers of entry to opportunity for all our entrepreneurs. We will continue to build on our impactful programs to meet small businesses where they are and connect them with…
There are forty percent fewer banks today than there were just fifteen years ago, and today there are just 23 Black-owned banks, with a total of roughly $5 billion of deposits—a fraction of the deposits in any one of the largest commercial banks. The implication of this is that efforts to induce large banks to…
Press Release October 11, 2021 Contact: Frank Knapp 803-600-6874 fknapp@scsbc.org Business organizations respond to GOP opposition to SBA direct loans to small businesses A coalition of national, state, and local business organizations today sent a letter to Congressional leaders in response to House and Senate Republican letters opposed to a commonsense solution to the…
October 11, 2021 The Honorable Nancy Pelosi The Honorable Charles Schumer Speaker Majority Leader U.S. House of Representatives U.S. Senate Washington, D.C. 20515 Washington, D.C. 20510 The Honorable Kevin McCarthy The Honorable Ben Cardin, Chair Republican Leader U.S. Senate Committee on Small Business U.S. House of Representatives Washington, D.C.…
BankThink American Banker October 8, 2021 By Frank Knapp Jr. In March of this year a campaign was launched by numerous national, state, and local business organizations to address the country’s 40-year low in new business startups. One of the recommendations was for the U.S. Small Business Administration to directly make startup and microloans of…
White-owned startups are still seven times more likely to obtain loans than Black-owned startups during their founding year. Throughout the pandemic, businesses owned by people of color did not receive equitable access to federal aid through the Paycheck Protection Program (PPP), despite being hit harder economically. During the first round of the PPP, only 12…
Credit Union Times September 3, 2021 By Jim DuPlessis The Consumer Financial Protection Bureau wants to require lenders to collect data on applications and originations of small business loans. The 918-page proposed rule released Wednesday would apply to business with $5 million or less in gross yearly revenue and would require lenders to report: The…
Across the country, small businesses create more than two-thirds of all new jobs in the private sector. In places where substantially lower percentages of minorities and women obtain small business loans (particularly those with higher concentrations of minority populations, such as Buffalo and Rochester), small business growth is constrained, thus limiting economic growth and restricting…
“Women-owned businesses start small and stay small because they lack access to capital or markets to grow,” said Isabella Casillas Guzman, administrator of the Small Business Administration, said. “It’s no secret that the venture capital field is largely male-dominated,” and this year’s decrease in venture funding for women is “all the more concerning because it…
From June to July of 2021, small business loan approval at big banks increased from 13.6% to 13.8%. The approval percentage rate at small business banks is up one-half of a percent from one year ago. And it is up from 18.9% in June to 19.1% in July for this year. Small Business Trends August…