CRC recently released its fourth report focused on small business lending, entitled: Small Business Access to Credit- The Little Engine that Could: If Banks Would Help.
Why does CRC care if the largest banks are lending to small businesses, especially those owned by women, Latinos, and African-Americans?
Beyond CRC’s mission of promoting equal and fair access to credit for low income communities and communities of color, and beyond the fact that demographics are changing rapidly in California, there are other reasons why access to small business loans is particularly important:
- Minority-owned and women-owned businesses are more likely to hire people from their local communities;
- Small businesses are a wealth-building tool;
- Strong small businesses help strengthen local business districts; and
- Small businesses are estimated to create two out of every three new jobs in the U.S.
To review a few figures from our December 2013 report, visit our press release: New Report Finds 60% Drop in Small Business Lending
You can read CRC’s previous 3 reports looking at this issue here: