According to a recent news article posted by the St. Louis Post – Dispatch, the number of SBA loans issued to Black entrepreneurs has dropped dramatically. The article focuses on the story of two business owners, Delfaye Jason and K. Kalimba Kindell based in Missouri, but the problem persists across the country:
In 2007, black-owned businesses in Missouri received 236 SBA-backed loans totaling $20.1 million, according to Post-Dispatch analysis of SBA data. Five years later, that number dropped to 15 loans totaling $2.8 million. During the first 10 months of the 2013 fiscal year, black borrowers received 17 loans totaling $5.7 million.
In contrast, the $359 million in loans white-owned firms received in Missouri in 2012 was well above the 2007 total of $281 million, though the overall number of loans declined from 1,455 to 960.
Read more at St. Louis Post – Dispatch.com