The pandemic hit us hard especially black-owned businesses. While businesses were closing their doors last year, many were fighting to keep theirs open. According to the Center for Responsible Lending, black-owned businesses found it difficult to get help from the federal Paycheck Protection Program, which was designed to throw a lifeline to small businesses. The program required business owners to apply for aid through banks or credit unions, but during the five years preceding the pandemic, only 31 percent of Black-owned businesses obtained loans from banks or credit unions. Without existing banking relationships, many struck out when they sought help.
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