SAN DIEGO--(BUSINESS WIRE)--CDC Small Business Finance, one of the nation’s largest SBA lenders, is applauding a white paper released this week by the National Community Reinvestment Coalition that calls for more robust reporting by banks and other financial institutions on lending to women-owned and minority-owned small businesses.
“Small businesses owned by women and minorities have grown faster than their counterparts in the last several years and yet these firms have experienced lower approval rates and struggled to reach their full potential,” said Kurt Chilcott, president/CEO of CDC Small Business Finance. “We’re convinced that better data collection and reporting will be a catalyst for helping more small business get the credit they need to grow and create jobs.”
The NCRC white paper points to the Dodd-Frank legislation which, in part, states as its purpose to “facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of women-owned, minority-owned, and small businesses.”
The NCRC contends that by identifying needs and opportunities out of the broader data collected, financial institutions will become more motivated to increase their lending to meet the credit needs of traditionally underserved small businesses and neighborhoods.
“Removing barriers to access becomes imperative when considering the significant role of small businesses in the U.S. economy,” said Chilcott.
A nonprofit, CDC Small Business Finance leads the nation in SBA-504 program lending for commercial real estate purchases as well as SBA Community Advantage loans for start-up small businesses and companies in need of working capital. CDC is a member of NCRC.
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America’s working families.
See NCRC’s white paper and recommendations can be viewed at – http://www.ncrc.org/images/PDFs/recommendations-to-cfpb-on-small-business-loan-data.pdf
Small business owners can find out if they qualify for a loan by calling 800.611.5170 or by using CDC Small Business Finance’s Prequalify Today tool. They can also visit www.cdcloans.com or find CDC on Twitter @CDC_Loans and LinkedIn.