Seeking the cloud - Better lending support for minority-owned businesses
A small business study conducted by Mastercard reveals that more than a third of business owners have experienced cash flow problems due to missed payments since the start of the pandemic, and half are only one missed payment away from closing up shop.
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Financial hardship has a way of trickling down from businesses to the community at large. According to Pew Research, 61% of Hispanics and 44% of black Americans said that they, or someone in their household, had lost a job due to the financial fallout of the global health crisis.
Financing can fill gaps in cash flow and position businesses for growth during critical times like these, but gaining funds in a timely manner is typically a challenge for most small businesses.
As minority communities struggle to make a comeback from the COVID-19 crisis, rapid access to funding is critical. Thankfully, technology is leveling the playing field. Digitizing the end-to‑end lending process is drastically reducing time to funding, putting cash in the hands of borrowers, and the communities they serve, faster and more efficiently.
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