Washington, DC- USBC president Ron Busby released the following statement regarding the release of the 2019 Federal Reserve Bank Report, and the recent Black Enterprise article uncovering Black business owners with a 750 credit score being denied access to business loans:
“In this futuristic year of 2020, it is shameful Black Americans are still being denied access to business loans. The facts outlined in the Federal Reserve Bank report demonstrate the American banking institution is still systemically discriminatory and racist. Reasons why we must make it a daily intention to buy from Black-owned businesses. And when we notice a short-coming of a Black-owned business, know it’s not due to lack of business acumen. It’s due to lack of resources, considering studies prove most Black-owned businesses are funding their business literally out of their own pocket, while all other non-black business owners have the luxury of business loans to rely on.
We will be using facts from the Federal Reserve’s report and other studies to shape our annual BLACKprint, which will lay out a clear vision for policymakers to move the needle on policies that strengthen the Black business community,” said U.S. Black Chambers president Ron Busby.