fbpx

Next City: Economics in Brief: Small Businesses Happy With PPP Loans from CDFIs

Next City, February 5, 2021, Economics in Brief: Small Businesses Happy With PPP Loans from CDFIs

Small businesses that received Paycheck Protection Program loans from community development financial institutions graded those lenders well for customer satisfaction in a new Federal Reserve survey of 15,000 businesses, American Banker reports.

White small business owners that contacted a bank or financial institution about modifying a small business loan or business credit card were more likely to receive a modification than Black or Latino small business owners who initiated the same process, the National Community Reinvestment Coalition found.

NCRC recommended that banks “not wait for consumers to initiate contact, as not all consumers know what options are available.” They also suggested reviewing their records on loan modifications to ensure that their modification policies and practices were not violating fair lending rules.

Print Friendly, PDF & Email
Scroll to Top