The SBA has doubled the rate of SBA-backed loans, from 3,877 in fiscal 2020 to more than 7,700 in fiscal 2023 to Latino-owned small businesses across the U.S. Loans to Black-owned businesses amounted to $1.45 billion.
The fund, part of a two-year pilot project, allows those businesses to apply for reimbursement of up to $30,000 each year for costs related to making their workplace accessible.
The concept of character-based lending is working with business owners who don’t have traditional backgrounds so when they need financing they’ve got the credit history and financial acumen to do so the traditional way.
