If you’re looking for creative ways to bolster business, look no further than minority-owned firms.
According to a recent federal report, minority-owned businesses have been getting snubbed by most lending sources and creditors.
In fact, the report shows that there’s a big gap in approvals between non-minority owned businesses and minority-owned business even when they share similar credit rating and lending histories.
So what’s causing the gap? Minority small biz owners often use homes as collateral and, across the board, home values are down.
With many minority businesses out there seeking credit, your firm can potentially benefit from a largely untapped resource.
So, it may be a good idea to talk to execs about a long-term plan to attract minority businesses now — before other forward-thinking firms beat you to it.