AFRO Staff
- Loans given to struggling small businesses as part of the federal stimulus package have shut out many minority businesses, according to a new report by New America Media.
Latino and African-American businesses were most affected, according to the report, which was based on data from the federal government’s Small Business Administration.
The SBA launched America’s Recovery Capital (ARC) program in June with money from the $787 billion American Recovery and Reinvestment Act, providing 100 percent guarantees to previously low-risk banks and credit unions now struggling to overcome the recession.
