Exclusive: Small business funding confidence sinks
Small business owners are less confident about their ability to get a loan — a drop-off that's worst among Hispanic-owned businesses, according to a new survey by Quickbooks.
Why it matters: Small businesses hard hit by the pandemic will need funding to stay afloat as the economy continues to recover.
- Minority-owned small businesses fared worse as the pandemic raged than white-owned ones, studies have shown.
Background: There are systemic issues that for years have made it harder for people of color to get access to credit.
- A separate Fed study out Thursday found Black- and Hispanic-owned businesses were half as likely as white counterparts to be approved for a non-emergency loan in the past year, despite similar credit risk.