|Date:||Aug 24, 2020|
|Topic(s):||Economic Development: Economic Conditions|
This fact sheet produces a snapshot of information on business owners that are unlikely to get credit or loans from banks. Nationally, minorities account for a disproportionate share of the repudiated stemming from lack of monetary resources, insufficient credit, and systemic enforcement. Including Buffalo figures of inequality across areas like poverty, homeownership, transportation, and segregation demonstrates the disadvantaged footing faced by minority business owners in the city which is further exacerbated by Covid-19.
This series on Predatory Lending was undertaken by Ryan Aguilar and Milena Saakyan for Westminster Economic Development Initiative (WEDI) while completing Cornell High Road Fellowships in Summer 2020. This collection aims to expose the deceptive practices of predatory lenders which disproportionately impacts people of low income and minority status as well as highlight the counter measures that Community Development Financial Institutions (CDFIs) take to ensure equitable lending.