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Small, Minority-Owned Businesses Face Steeper Struggles During Pandemic

Monday, May 4, 2020
Conor McCue | CBS Denver
Ellen Harnick
A recent survey by the Center for Responsible Lending (CRL) found the odds are against businesses owned by people of color. A report done by the group estimates “roughly 95% of Black-owned businesses, 91% of Latino-owned businesses, 91% of Native Hawaiian or Pacific Islander-owned businesses, and 75% of Asian-owned businesses stand close to no chance of receiving a PPP loan through a mainstream bank or credit union.” “The gap in opportunity and income and wealth is going to grow, which is not good for the economy in general, and not good for us as a society,” said Ellen Harnick, Executive Vice President at the Center for Responsible Lending.