A new poll finds that Black small business leaders in Massachusetts disproportionately report being rejected when applying for financing.

The MassINC Polling Group conducted the multilingual survey of 1,818 small business leaders in the state over February and March. The survey was sponsored by the Coalition for an Equitable Economy, with sponsorship from the Mass Growth Capital Corporation and Eastern Bank Foundation.

The survey found that while getting access to capital was an outsized priority for Black- and Latino-owned businesses, 47 percent of white-owned businesses got all the capital they applied for compared to 35 percent of Asian-owned firms, 34 percent of Latino-owned firms and 31 percent of Black-owned firms.

In addition, 42 percent of Black small business leaders reported being rejected when applying for loans or other non-grant types of financing compared to 27 percent of Asian small business leaders, 25 percent of white small business leaders and 24 percent of Latino small business leaders.

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The B&T Daily: April 24, 2024

by James Sanna time to read: 2 min