Improving the financial strength of African-American small business owners

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Published 5 minutes ago

Presented by MasterCard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth

As we celebrate Black Business Month, we recognize the important role Black-owned businesses play in supporting the U.S. economy. At the same time, we also recognize the obstacles faced by many Black entrepreneurs, especially Black business owners. small businesses, to get the financial support they need to grow and prosper.

Studies show that most black small business owners use personal credit to finance their businesses, resulting in lost income and financial hardship.

Lacking access to traditional financial services and discouraged by loans that are often turned down, many small business owners seek risky, high-cost financing alternatives like payday loans and check cashing services.

To help ensure greater wealth creation and financial stability, small business owners, especially minority entrepreneurs, need and deserve a better, more reliable solution.

Our research points to 3 critical features that governments should include in their financial assistance programs to improve the financial strength of minority-owned small businesses.

Check back in this article by the Center’s Senior Vice President, Salah Goss, and the Director of the Institute for Social Policy at Washington University in St. Louis, Michal Grinstein-Weiss, for more information.

https://bit.ly/3JnzfR8

About the Mastercard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth focuses on promoting equitable and sustainable economic growth and financial inclusion around the world. As an independent subsidiary of Mastercard, it combines data, expertise and technology with philanthropic investments to empower a community of thinkers, leaders and innovators on the front lines of inclusive growth. Follow us on Twitter @CNTR4growth Y subscribe to receive our latest insights.

Originally Posted by The Mastercard Center for Inclusive Growth

See more content from the Mastercard Center for Inclusive Growth

MasterCard Center for Inclusive Growth

MasterCard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth focuses on promoting equitable and sustainable economic growth and financial inclusion around the world. As an independent subsidiary of Mastercard, it combines data, expertise and technology with philanthropic investments to empower a community of thinkers, leaders and innovators on the front lines of inclusive growth. Follow us on Twitter @CNTR4growth and subscribe to receive our latest news.

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