Improving the Financial Strength of Black Small Business Owners

0

Posted 4 minutes ago

Proposed by MasterCard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth

As we celebrate Black Business Month, we recognize the important role Black-owned businesses play in supporting the American economy. At the same time, we also recognize the barriers that many Black entrepreneurs, especially small business owners, face in obtaining the financial support they need to grow and thrive.

Studies show that a majority of Black small business owners use personal credit to fund their businesses, resulting in lost revenue and financial hardship.

Lacking access to traditional financial services and discouraged by often refused loans, many small business owners seek out risky and expensive financing alternatives, such as payday loans and check cashing facilities.

To help ensure greater wealth building and financial stability, small business owners, especially minority-owned entrepreneurs, need and deserve a better and more reliable solution.

Our research indicates 3 key features that governments should include in their financial assistance programs to improve the financial strength of minority-owned small businesses.

Revisit this article by Center SVP Salah Goss and Director of the Social Policy Institute at Washington University in St. Louis Michal Grinstein-Weiss for more.

https://bit.ly/3JnzfR8

About the Mastercard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth is focused on promoting equitable and sustainable economic growth and financial inclusion around the world. As an independent subsidiary of Mastercard, it combines data, expertise and technology with philanthropic investments to empower a community of thinkers, leaders and innovators at the forefront of inclusive growth. Follow us on Twitter @CNTR4growth and subscribe to receive our latest information.

Originally posted by The Mastercard Center for Inclusive Growth

Discover more content from the Mastercard Center for Inclusive Growth

MasterCard Center for Inclusive Growth

MasterCard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth is focused on promoting equitable and sustainable economic growth and financial inclusion around the world. As an independent subsidiary of Mastercard, it combines data, expertise and technology with philanthropic investments to empower a community of thinkers, leaders and innovators at the forefront of inclusive growth. Follow us on Twitter @CNTR4growth and subscribe to receive our latest information.

More MasterCard Center for Inclusive Growth

Share.

Comments are closed.