Loans from the Small Business Administration (SBA) made by banks to small businesses owned by Hispanics in California dropped 84 percent from 2007 to 2009, the highest percentage decline in minority business loans reported Monday.
According to the California Reinvestment Coalition, a nonprofit advocating for minorities equal access to the bank, “small businesses” that make the work more than any other segment of the economy have no access to credit, what they cut staff and many have had to close. “
Coalition explained that the amount of loans to small businesses in California declined by 1.5 million between 2007 and 2009, which means a reduction of 21.000 million dollars.
Five of the largest banks in the Hispanic market, Bank of America, Wells Fargo, U. S. Bank, Union Bank and Citibank-trimmed SBA loans to Hispanic businesses by 89 percent.
As a result of the economic crisis and lack of credit support, in Los Angeles was closed on 25 percent of businesses in 2009 compared with 2007, which means the city which has lost more than 150,000 jobs.
The report “Small Business Access to Credit: The Little Engine That Could” noting that in addition to Los Angeles in five counties-Alameda, Fresno, Sacramento, San Diego and Santa Clara-loans to small businesses located in low-income people has been reduced from 70 to 79 percent.
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