Expand Entrepreneurship by Enhancing the Community Reinvestment Act
About the Problem
America’s job creation engine is sputtering.
Minority-owned businesses have a tougher time getting access to credit and often pay higher interest rates. For example, loan denial rates for minority firms are about three times higher compared to those of non-minority-owned firms.
About the Policy
Enhance the Community Reinvestment Act — which provides incentives for banks to meet the credit needs of people in low and moderate-income neighborhoods — to allow more funding to be funneled to startup businesses.
Polling data derived from three national surveys conducted by Cohen Research Group in February and March 2016. Each survey had a sample size of at least 1,000 registered voters with a margin of error of +/- 3.1%
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