Black families throughout the U.S. are suffering from the recession in a more profound way than most. The unemployment numbers for African Americans more than other groups are much higher and are not finding a recovery it seems. And if you’re an African American with a small business, times are that much more difficult with business owners facing the choice to close their doors and/or suffering from credit misery.
The only reprieve for black businesses may come in the form of initiatives constructed by the Small Business Administration. The SBA have put together two new loan initiatives called the Small Loan Advantage and the Community Advantage. These loan platforms are supposed to give those in under-served communities an opportunity to get approved and get better loans with less paperwork.
The Deputy Administrator of the U.S. Small Business Administration, Marie Johns, gives a full perspective of what is to be expected from the initiatives and how exactly we benefit. Check out the fascinating Q&A here that expresses the depth of the association’s generosity.