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How big is ‘small’? New minority business center focuses on million-dollar-plus companies

 

By Charles Hallman

Staff Writer

 

An October 2010 City of Minneapolis report concluded that locally owned Black small businesses face “particularly acute” discrimination when seeking loans. They often are denied, and if they are approved they are subject to higher interest rates than other applicants by financial institutions, the report added. “One of the biggest obstacles for people of color is limited access to capital,” states Metropolitan Economic Development Association (MEDA) Executive Director Yvonne Cheung Ho. She adds that the current economic climate in the country has been “very challenging for small businesses and minority businesses.”

Access to capital “is a typical problem for all small businesses, not just Black businesses,” says local business owner Eugene Banks. MEDA in November opened the Minority Business Development Agency’s (MBDA) Business Center in Minneapolis. Continue Reading →

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