CURRY: Obama Worse than George W. Bush on SBA Loans
George E. Curry | 3/26/2014, 3 p.m.
“’Black-owned businesses continued to be one of the fastest growing segments of our economy, showing rapid growth in both the number of businesses and total sales during this time period,’ said Census Bureau Deputy Director Thomas Mesenbourg.”
The variation of home ownership can also be a factor.
“Home ownership may provide an important catalyst to small business growth, but it may also serve as a barrier to entry for prospective entrepreneurs,” the SBA said. “For instance, business growth can bridge the wealth gap between minorities and non-minorities across geneder. Among existing businesses, home ownership significantly decreases the probability of loan denials and can be critical to such growth.”
According to Census data, 78.2 percent of business owners owned homes in 2012. Research shows that 72.6 percent of Whites own homes, 58.7 percent of Asians, 47.2 percent of Hispanics and 43.8 percent of Blacks.
Clearly, a number of factors contribute to whether Blacks own their own businesses. The SBA must play of stronger role in opening the doors for Blacks, not just “minorities.”
George E. Curry, former editor-in-chief of Emerge magazine, is editor-in-chief of the National Newspaper Publishers Association News Service. He is a keynote speaker, moderator, and media coach. Curry can be reached through his website, www.georgecurry.com. You can also follow him on Twitter @currygeorge and George E. Curry Fan Page on Facebook.