When it comes to traditional business loans, non-white and women entrepreneurs are being left behind
When it comes to traditional business loans, non-white and women entrepreneurs are being left behind
Despite Texas’ reputation as a business-friendly state, a survey last year from the Federal Reserve Bank of Dallas found access to capital is the number one concern for women and non-white small business owners in the state.
There’s a good reason for that. According to the U.S. Minority Business Development Agency, people of color are three times more likely to be denied for loans. Non-white and women entrepreneurs are also more likely to rely on personal savings or credit cards for their businesses. And when they do secure a loan or an investor, they often don’t get as much money as their white counterparts.
Click the audio player above to hear the full story.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
