In Case Study, Banks Treated Minority Businessmen Worse Than They Did White Ones
*Opportunity? Bootstraps? It’s not the same for everyone. VL
Latinos and black entrepreneurs trying to get bank loans to help jump-start their small businesses are given less information, are asked more questions about their personal finances and are offered less application help than white loan applicants, according to a disheartening academic report.
“There is a general belief among Americans that we’re the land of opportunity and that anyone can pull themselves up by their bootstraps,” said study co-author Glenn Christensen
, an associate professor of marketing at Brigham Young University (BYU). “It is a land of opportunity, but that opportunity is not always equally accessible.”
The study, conducted by business school professors at BYU, Utah State and Rutgers, found that Hispanic and black business owners seeking financing help from a bank were treated very differently than their white counterparts.
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