Heard on the Street: Supporting entrepreneurs of color, a new black-led credit union, and an uptick in small business loan approvals

By April 15, 2019 Heard on the Street

Heard on the Street – here’s what we were reading last week:

Building an Inclusive Economy by Supporting Entrepreneurs of Color: Entrepreneurs drive job and wealth creation, and are the key to creating the next generation of businesses that will power our economy. Yet while the number of minority-owned businesses increases annually, they continue to see a decline in access to capital.

Small Business Loan Approvals At Big Banks Hit New High: Approvals by big banks continue to climb. With strong financials from 2018, many small business owners are seeking capital for growth, and they have proven themselves to be creditworthy borrowers.

Black-Led Credit Union in Minneapolis Forges Ahead: Minority-owned credit unions across the country are closing at the rate of one per week. Village Financial Cooperative hopes to fill in the gap left behind by other more conventional banks and even other credit unions in Minneapolis.

Lincoln Yards and Lightfoot – A new project, new mayor and new chance for Chicago to grow: Large development projects should lead to the betterment of Chicago’s future, and additional city control could help. In this case, concessions the developers agreed to include an extra $80 million to $400 million in construction contracts to minority- and women-owned firms.