“Small businesses owned by women and minorities have grown faster than their counterparts in the last several years and yet these firms have experienced lower approval rates and struggled to reach their full potential,” said
The NCRC white paper points to the Dodd-Frank legislation which, in part, states as its purpose to “facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of women-owned, minority-owned, and small businesses.”
The NCRC contends that by identifying needs and opportunities out of the broader data collected, financial institutions will become more motivated to increase their lending to meet the credit needs of traditionally underserved small businesses and neighborhoods.
“Removing barriers to access becomes imperative when considering the significant role of small businesses in the U.S. economy,” said Chilcott.
See NCRC’s white paper and recommendations can be viewed at – http://www.ncrc.org/images/PDFs/recommendations-to-cfpb-on-small-business-loan-data.pdf
Small business owners can find out if they qualify for a loan by calling 800.611.5170 or by using CDC Small Business Finance’s Prequalify Today tool. They can also visit www.cdcloans.com or find CDC on Twitter @CDC_Loans and LinkedIn.
Most Popular Stories
- Alabama House Speaker Arrested on Felony Ethics Charges
- Microsoft's Cloud Platform Shines
- 'Fury' Blows 'Gone Girl' Out of the Box Office
- Turkey to Help Kurds Reach Fight in Kobani
- ISIS Seeks to Expand Terror War
- German Intelligence Blames Ukraine Rebels for MH17
- Perez Leads Push for Obama's Job Proposals
- 2016 Camaro Shrinks, Moves to Caddy Platform
- New Effort to Ban Child Labor From Tobacco Farms
- Prius Drivers Battle Stereotypes