At a time when some credit unions are looking for ways to boost their loan portfolios, they may want to consider giving more consideration to two groups that fear seeking out financing for their business start-ups or expansions.
Rather than apply for capital from lenders, women and minorities are more likely to turn to their own savings to start or grow their businesses, according to a new report from the SBA Office of Advocacy, "Access to Capital Among Young Firms, Minority-Owned Firms, Women-Owned Firms, and High-Tech Firms."
The data showed that in the current financial climate, new high-tech businesses rely more than other firms on outside loans and investments, while non-technology businesses owned by African-Americans, Latinos and women simply operate on less capital.
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