But,
despite leading a significant portion of the nation's businesses, minority-owned firms are
still having a much harder time accessing small business loans than their white counterparts. Minority-owned firms are
much less likely to be approved for small business loans than white-owned firms. And, even if they do get approved, minority-owned firms are
more likely to receive lower amounts and higher interest rates.
According to findings from the U.S. Department of Commerce Minority Business Development Agency, these discrepancies have made minority business owners more likely to not apply for small business loans, usually out of fear of rejection.