How Can Black Business Owners Close The Credit Gap?

Black-owned businesses are suffering because of a lack of access to credit.

According to the 2014 U.S. Census Bureau’s first Annual Survey of Entrepreneurs, Black business owners are three times as likely as Whites to say they need financing, but choose not to apply for it.

Fifty nine percent of Black business owners say they don’t apply for loans out of the fear of not being approved. The fear is justified. Only 47 percent of Black business owners get the full amount they requested versus 76 percent of Whites.

Ron Busby, President and CEO of the U.S. Black Chambers, and Michael Grant, President of the National Bankers Association, joined Roland Martin on NewsOne Now to discuss the Black business credit gap and what can be done to close it.

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