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New study suggests minorities have harder times starting businesses

Posted at 8:23 AM, Feb 22, 2021

According to a new study, minorities have a harder time starting small businesses because they don't often get the support they need.

A Goldman Sachs study found Black business owners were three times more likely than white business owners to be rejected for a loan.

Pamela Thompson, who owns a beauty shop, says even having good credit didn't help her.

"I was matched with over 20 lenders. However, I was told that because I did not have two years of service or business experience, I did not qualify," Thompson said.

Business coaches say the best thing to do is to reach out to a professional for help and look for programs geared towards minority business owners.