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There’s something that we need to be transparent about: trying to obtain a business loan as a Black woman is a feat.
A 2015 study conducted by Wells Fargo revealed “twenty-two percent of African-American business owners say they felt that discrimination from a financial institution based on their race, ethnicity, gender or sexual orientation had impacted their chances to obtain credit for their business.”
Furthermore, a lack of generational wealth and high interest rates are daunting, too. Additionally, women’s business loan applications are accepted 33% less frequently than men, a 2016 study showed. So, it’s a gendered and racialized problem.
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