Black entrepreneurs have largely missed out on a rebound in federal small-business lending since the financial crisis ended.
More than four years into the nation’s economic recovery, African-Americans looking for loans are struggling to overcome deeper financial distress, tighter lending standards and cutbacks by some lenders.
U.S. financial institutions made $382.5 million in Small Business Administration loans to black-owned businesses in the fiscal year ended Sept. 30, according to an analysis of the agency’s data by The Wall Street Journal. Black borrowers received 1.7% of the $23.09 billion in total SBA loans. (Wall Street Journal)