“We have 750-760 credit score. We pay all our debts.' Despite bringing in $200,000 in profits, year after year, Freddie Lee James still can't get a business loan. Black owners' applications are rejected at twice the rate of whites owners'. stlpublicradio
Freddie Lee James Jr., owner of Freddie Lee's Gourmet Sauces, starts a batch of his sauce at his commercial kitchen space near downtown St. Louis.His home-whisked Ghetto Sauce made him the king of cookouts. Family and coworkers would clamour for the zesty, sweet and spicy barbecue sauce. After years of their encouragement and five years before he was to retire from his construction job, he decided to take it to the next level.
Banks deny loan applications from black business owners more often than any other racial group, according to Galen Gondolfi, a senior loan counselor and spokesman at the nonprofit, said the Jameses' frustrations are not unwarranted. “They have to be very careful about the businesses that they lend to, because having bad business loans is one of the leading causes of banks actually going out of business,” Gines said.
One way Davis helps his clients obtain loans is by making sure they meet the banks’ industry standards for debt service ratio — the company's ability to repay a loan.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Death of Florida football star Bryce Gowdy highlights rising suicide rates among black youthBryce Gowdy took his life days before he was to enroll at Georgia Tech on a football scholarship. Suicide rates are soaring among black youth.
Consulte Mais informação »
Wandering black holes found in dwarf galaxies less than a billion light years from EarthMergers with other galaxies may have knocked the black hole in dwarf galaxies off-center, creating 'wandering' black holes.
Consulte Mais informação »
Jennifer Aniston Looked Like a Smokeshow in a Black Dior Dress at the 2020 Golden GlobesA true Hollywood icon.
Consulte Mais informação »
How 'The Lighthouse' Cinematographer Shot a 'Transportive' Black-and-White FilmTo capture the claustrophobic dread of Robert Eggers' thriller TheLighthouse, DP Jarin Blaschke turned to rare film stock and some 'off-menu' lenses
Consulte Mais informação »
These Amazing Noise-Cancelling Headphones Are Now $150 Off for Black FridayPlease tell me someone gifted you this headphones over the holiday.
Consulte Mais informação »