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Banks are redlining small businesses (take action)

  • To: "Mark O'brien" <ward1@xxxxxxxxxxxxxxxxxxxxxxxxxx>
  • Subject: Banks are redlining small businesses (take action)
  • From: "Sapna Mehta, Main Street Alliance" <sapna@xxxxxxxxxxxxxxxxxxxxxx>
  • Date: Fri, 08 Sep 2017 16:06:28 +0000 (UTC)
  • Authentication-results: zmail-mta01.peak.org (amavisd-new); dkim=pass (1024-bit key) header.d=mainstreetalliance.org

Title: NationBuilder
Sapna Mehta, Main Street Alliance Home
Main Street Alliance
Mark --

Starting a new business is hard, especially when banks and traditional lenders reject your applications for credit or loans.

All too often, small business owners talk about maxing out personal credit, borrowing money from friends and family, and turning to risky online lenders in order to get the money they need to start or grow their business.

Small businesses are the economic engine of this country. But, while banks have loaned record amounts to big businesses, small business lending is still down roughly 20 percent since the financial crisis, and nearly half of all small business owners experience problems accessing credit. 

Studies have shown that women and people of color face small business lending discrimination, but there is no national data to track it and hold the lenders accountable. The Consumer Finance Protection Bureau (CFPB) is asking for information on what data it should track and wants to hear from small business owners and community members.

Now, we have a chance to make our voices heard. Tell the government about your experiences as a small business owner trying to access credit.

Will you write the CFPB to demand stronger data collection on lending practices so we can protect small businesses who invest in our communities?

Yes >> I want small businesses to have as much of a chance to get a fair loan as big corporations.

Thank you for speaking out,

Sapna Mehta, Main Street Alliance

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