Apr 15, 2021 - Economy

Exclusive: Small business funding confidence sinks

Reproduced from Qualtrics for QuickBooks survey; Chart: Axios Visuals

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.
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