Creating a world of equity in business
On average, big banks approve around 60% of loans applied for by white small-business owners, 50% by Latinx small-business owners, and 29% by Black small-business owners. (McKinsey & Company)
Statistics show that BIPOC-owned businesses receive less business financing, less often, and at higher rates. Brookings Institution found that large banks approve around 60 percent of loans sought by white small-business owners, 50 percent of those sought by Hispanic or Latinx small-business owners, and just 29 percent of those sought by black small-business owners.
BIPOC Support Foundation's Business Support program invests in BIPOC communities by bolstering BIPOC-owned businesses. We provide support in the form of grants, media promotion, business resources, and referrals. The success of BIPOC businesses is not only beneficial to our communities, it is the key to financial equity for all.
This kind of stable network and accessibility to resources exists for other businesses without bias – we are building equal opportunities for businesses that are statistically less likely to be granted loans, less likely to have a system of support within their community, and less likely to survive during times of economic struggles.
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