According to a survey released Monday, only 12% of minority-owned small businesses were able to secure the loans they requested.
Just 12% of black and Latino business owners who applied for PPP loans reported receiving what they asked for, according to a
by Global Strategy Group, and nearly half of these individuals say they anticipate being forced to close permanently in the near future.... [+] small businesses through the Paycheck Protection Program" in the East Room at the White House on Tuesday, April 28, 2020 in Washington, DC. The survey included interviews with 500 business owners and 1,200 workers from April 30 to May 11.report last month, the small businesses that received aid"weren't always the ones with the greatest needs or the best chances to survive the coronavirus pandemic;" instead,"a firm made the cut often came down to how and where it banked.
This recent data underscores the historically tenuous relationships that minority business owners have with many major banks, making it increasingly difficult for minorities to navigate the obstacles necessary to secure a federal loan successfully. The PPP program was the first time some black and Latino business owners had ever sought a bank loan and,,"many banks considered applications only from existing customers; some, like Bank of America, even turned away people who had opened credit cards through other lenders."
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