data-from-the-small-business-administration-shows-major-increase-in-loans-to-black-owned-businesses

Data From The Small Business Administration Shows Major Increase In Loans To Black-Owned Businesses

The SBA says the growth reduces lending disparities and will help reach more underserved communities.

MECKLENBURG COUNTY, N.C. — The Small Business Administration has been helping power small, local businesses, in the Carolinas and across the country.

New data from the SBA shows a major increase in loans to Black-owned businesses is creating more opportunities.

“It’s relatively phenomenal growth,” Michael Arriola with the SBA said.

Since 2020 the number of loans to minority-owned businesses has more than doubled, going from 3.5% to 7.5%.

WCNC Charlotte is always asking “where’s the money?” If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

Arriola said the growth is not only promising for Black entrepreneurs, but it also breaks the cycle of generational poverty.

“We know that generational poverty transfers just as much as surely as generational wealth does,” Arriola said. “The SBA wants to do its part by equipping people with entrepreneur resources and maybe even capital to bridge that gap.”

He said when you bring money to an economically distressed area, it impacts families and has the power to shift a community by keeping money flowing within the area and bringing more jobs.

“Its your small businesses that are going to hiring locally and using local sources for their supplies and services which keeps cash flowing,” Arriola said.

The SBA said they’re also working to sign up more lenders and open up more Women’s Business Centers to make an even greater impact.

“We have women who also happen to be minorities, the SBA can make the biggest impact by equipping them with the resources and capital they need to sustain their own businesses,” he said.

He said its all in hopes of supporting small businesses with big dreams. 

More information about securing a loan for your small business can be found online.

Contact Tradesha Woodard at twoodard1@wcnc.com and follow her on FacebookX and Instagram.

WCNC Charlotte’s Where’s The Money series is all about leveling the playing in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn’t want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.

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