Forbes, May 20, 2021, How CDFIs Can Maximize Their Impact On The Country’s Economic Recovery
Women- and minority-owned businesses — and Black-owned businesses in particular — have been disproportionately hurt by the Covid-19 crisis.
In a study akin to a “mystery shopper” experiment, the National Community Reinvestment Coalition found discrimination throughout multiple phases of the loan application process. During 43% of their tests, a white applicant was treated more favorably than a Black applicant whether it was through encouragement for applying, the products offered or the breadth of helpful information provided by the bank.
