Marvin Owens, former senior director of economic programs for the NAACP and chief engagement officer at Impact Shares, told Insider that being denied access to credit means Black business owners"aren't given the ability and capacity to grow their businesses and to expand their operations and to be able to take advantage of new markets and new opportunities. That contributes significantly to the Black-white wealth gap.
The researchers who looked at fintech-enabled PPP loans found that the top four banks — JPMorgan Chase, Bank of America, Wells Fargo, and Citibank —"exhibited little to no disparity after including controls," possibly also due to higher levels of automation at those banks than at smaller institutions.
"We find that the tendency of Black-owned businesses to borrow from fintech lenders instead of smaller conventional lenders is consistently higher in areas with more racial animus, even after controlling for firm and loan characteristics," the authors wrote."These results suggest that preference-based discrimination might explain at least some of the substitution of Black-owned businesses towards fintech and away from smaller banks.
金融科技公司在流感大流行期间比银行更能帮助黑人所有的小企业获得PPP贷款。真奇怪。
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Supply-Chain Woes Drag On Black Beauty Businesses“When white America has a cold, Black America has pneumonia”: Why these Black-owned companies are being hit even harder by supply shortages No they’re not. If actual brick & mortar retail shelves are well stocked here in Hawaii, this “supply chain crisis” is all for your media ratings, eyeballs. 🤣🤦🏼♀️ Media
Source: Forbes - 🏆 394. / 53 Read more »
Parenting, Baby Names, Celebrities, and Royal News | CafeMom.com
Source: CafeMom - 🏆 701. / 51 Read more »
Supply-Chain Woes Drag On Black Beauty Businesses“When white America has a cold, Black America has pneumonia”: Why these Black-owned companies are being hit even harder by supply shortages No they’re not. If actual brick & mortar retail shelves are well stocked here in Hawaii, this “supply chain crisis” is all for your media ratings, eyeballs. 🤣🤦🏼♀️ Media
Source: Forbes - 🏆 394. / 53 Read more »
How rich people use securities, assets to cash out without taxesInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. There are other ways for some US taxpayers to avoid taxes fully and not just defer the hit into the future. Loans postpone the inevitable. Other plans let some taxpayers miss fully what has always been thought as inevitable. 富人是如何利用廉价贷款在不受税收打击的情况下套现的
Source: BusinessInsider - 🏆 729. / 51 Read more »
Parenting, Baby Names, Celebrities, and Royal News | CafeMom.com
Source: CafeMom - 🏆 701. / 51 Read more »