Black-owned businesses faced the highest rejection rate for financing in 2024, with 39% denied loans, lines of credit, or merchant cash advances, while white-owned businesses only faced an 18% rejection rate.
lenders
Posted inBusiness
Small Business Series: Understanding Credit
Credit scores are a three-digit number that measure an individual’s or business’s credit-worthiness, and can be used to secure loans, build trust, and manage cash flow.
Posted inTimes Weekly News
COVID-19 scams target Blacks, other people of color FTC report reveals new and continuing financial fraud
Just as the annual holiday season of shopping and celebrating nears, a major federal financial regulator released new research detailing how communities of color not only are targeted by well-known types of predatory lenders, but new forms of fraud seek to exploit consumers in the throes of the COVID-19 pandemic. Published by the Federal Trade Commission (FTC), Serving Communities of Color summarizes the agency’s five-year effort focused on the financial ills imposed upon communities of color. Since 2016, FTC filed more than 25 actions alleging conduct that either targeted or disproportionately impacted communities of color. Cases challenged unlawful practices by auto sellers, for-profit schools, money-making opportunities, student debt relief schemes, and more.
Posted in#NNPA BlackPress, Featured, Homeownership, National, News, NNPA, NNPA Newswire, Politics, Ray Curry
2021 Fair Housing: Restoring HUD Rules and Revenues
NNPA NEWSWIRE – “By guaranteeing affordable mortgages for White families and excluding Black families or limiting Black families to purchase in less economically advantageous neighborhoods, the government created, encouraged, and reinforced intense residential racial segregation throughout the nation,” said Richard Rothstein, NAACP Legal Defense and Educational Fund, Inc.’s Senior Fellow Emeritus. “White flight,” or the creation of White suburbs, was also undergirded by massive federal investments in the construction of the interstate highway system. The federal government often took possession of homes and land in Black communities by claiming eminent domain in order to construct highways as physical barriers between White neighborhoods and areas with a large presence of African Americans or communities of color.”
Posted inCommentary, Community, Featured, Homeownership, National, News, NNPA, racism, The AFRO American Newspaper
Lenders are robbers of Black housing wealth. Stop them
AFRO – Recently on social media, I shared a USA Today story about a Black female homeowner in Indianapolis who suspected the value of her house was grossly undervalued. So, on the third try, she had a White friend stand in for the third appraisal. The result? Carlette Duffy’s home was valued at $259,000. When she was present, appraisals came in at $100,000 and $125,000
