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Survey: Black Small Business Owners’ Credit Concerns Didn’t Fade During Pandemic

Brian Clarke, a business strategy manager at the Federal Reserve Bank of Boston, discusses results from the Small Business Credit Survey (SBCS) that point to a need for different lending options, such as fintech lenders. Traditional banks have historically had a limited presence in communities of color. This became a problem during the pandemic because traditional lenders were initially the main conduits of Paycheck Protection Program (PPP) loans and communities of color that lack strong banking relationships had trouble accessing that financing. Clarke asserts that fintech lenders could expand Black engagement with the financial services industry and generally increase lending options for small businesses.