We had a full house at the Inland Empire Small Business Development Forum in San Bernardino, Wednesday, July 19, 2017. Over eighty Bankers, Chambers, Nonprofit and Government Agency staff all met to consider how to improve small business development in the region. Thanks to the FDIC, OCC and the Federal Reserve Bank of SF for…Details
Minority Owned Businesses comprise one-quarter of all small businesses, and at least 25% of those plan to apply for credit for their businesses in the next year.
According to Gallup’s Small Business Diverse Segments Lending Study sponsored by Wells Fargo Bank in 2015, Asian, Hispanic and African-American business owners start out self-funding their businesses or borrowing from friends, family and other business owners. But Hispanic and African-American business owners report a lack of confidence in their ability to obtain credit due to their credit rating/history and tight lending requirements. Microenterprise development and Micro-Lending providers can change that.