The number of loans to African American businesses through the U.S. Small Business Administration’s flagship 7(a) program decreased 35% in 2020, the largest drop in lending to any race or ethnic group tracked by the federal agency.
The total number of 7(a) loans last year declined 24%.
Banks and lobbyists defended the industry’s 2020 performance, noting financial institutions last year focused on the massive Paycheck Protection Program relief effort, which served millions of borrowers, and has increasingly reached more underserved borrowers.
Read the full story on cleveland.com’s sister site, Cleveland Business Journal.
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