Joe Biden and Kamala Harris Have Committed to Increasing Federal Contracting by 50% for Minorities.....Bothsides are the same?

[Uachet]

Are the entirety of the black race applying for these programs? This includes minors, elders, and people who aren’t running businesses. Those aren’t bad numbers. Is the government supposed to force us to take initiative, and start a small business?

For those complaining, do you run, or have an idea for a small business?

You evidently do not understand how percentages and ratios work. Having a percentage of the loans that represent an equal share based on the percentage of the population does not require the entire population being discussed to participate. Also analyzing how well funds are being disbursed in an equity fashion, does not require one to actually seek the funds for themself.

Black-owned businesses​

While Black people make up more than 13 percent of the U.S. population, they’ve only received 8 percent of all SBA 7(a) loan proceeds in 2023.

The latest data from the U.S. Census Bureau shows that there are an estimated 161,031 Black-owned businesses that employ over 1.4 million people in the U.S. Of companies with employees, 28 percent of them operate in the Health Care and Social Assistance sector. That’s the highest percentage of any minority group. By industry alone, Black business owners should be seeing slightly higher 7(a) loan approval rates.

Black-owned businesses

SBA Loan Statistics: Race and Gender | Bankrate

It’s challenging for minorities and women to secure funding, even for SBA loans. Check out these SBA loan statistics on race and gender to learn more.

www.bankrate.com

SBA 7(a) loans: Race and gender statistics​

Key statistics
In the 2023 fiscal year, the SBA approved $27,515,666,000 in SBA 7(a) funding to businesses. Of that amount:

• White business owners received 42.3%
• Asian business owners received 19.0%
• Hispanic business owners received 8.5%
• Black business owners received 4.6%
• American Indian or Alaska Native 0.9%
• Male-owned businesses received 71.6%
• Women-owned businesses received 28.4%

As said above, we make up 13% of the population, yet only received 4.6% of the funds. Look at the Asian one, they make up 6.3% of the population, but received 19% of the funds.

SBA 7(a) loans by race​

Key statistics

• White business owners (35%) were more likely to be fully approved for business loans compared to Hispanic (19%), Black (16%) and Asian (15%) business owners.
• Black (47%) and Hispanic (44%) business owners were more likely to be denied loans compared to white (34%) and Asian (32%) business owners.
• 40% of Black small business owners didn’t apply for financing in 2020-2021 because they believed their applications would be denied.
• 43% of white business owners who were considered low-risk applicants received full funding compared to Black (27%), Hispanic (24%) and Asian (19%) business owners who were also considered low risk.

Demonstrates that Black people, followed by Hispanic have the highest rejection rates. It is so high, that some of my people do not even try at 40%.

 

[King Poetic]

How i like to see the stats for particularly black men businesses

 

[Yzak]

They also expanded the visas to let foreigners occupy more jobs

 

[skylove4]

Tariq nasheed really did more harm to the black community than I imagined. Rather than discussing and figuring out how to get in on these federal contracts, you all are stuck on the race of the people in the photo or the fact that it doesn’t only go to black people lol. This shyt is embarrassing.

Because he’s a paid Republican Trojan horse

 

[CreepyMcCreeperson]

You evidently do not understand how percentages and ratios work. Having a percentage of the loans that represent an equal share based on the percentage of the population does not require the entire population being discussed to participate. Also analyzing how well funds are being disbursed in an equity fashion, does not require one to actually seek the funds for themself.

Black-owned businesses​

While Black people make up more than 13 percent of the U.S. population, they’ve only received 8 percent of all SBA 7(a) loan proceeds in 2023.

The latest data from the U.S. Census Bureau shows that there are an estimated 161,031 Black-owned businesses that employ over 1.4 million people in the U.S. Of companies with employees, 28 percent of them operate in the Health Care and Social Assistance sector. That’s the highest percentage of any minority group. By industry alone, Black business owners should be seeing slightly higher 7(a) loan approval rates.

SBA 7(a) loans: Race and gender statistics​

Key statistics
In the 2023 fiscal year, the SBA approved $27,515,666,000 in SBA 7(a) funding to businesses. Of that amount:

• White business owners received 42.3%
• Asian business owners received 19.0%
• Hispanic business owners received 8.5%
• Black business owners received 4.6%
• American Indian or Alaska Native 0.9%
• Male-owned businesses received 71.6%
• Women-owned businesses received 28.4%

As said above, we make up 13% of the population, yet only received 4.6% of the funds. Look at the Asian one, they make up 6.3% of the population, but received 19% of the funds.

SBA 7(a) loans by race​

Key statistics

• White business owners (35%) were more likely to be fully approved for business loans compared to Hispanic (19%), Black (16%) and Asian (15%) business owners.
• Black (47%) and Hispanic (44%) business owners were more likely to be denied loans compared to white (34%) and Asian (32%) business owners.
• 40% of Black small business owners didn’t apply for financing in 2020-2021 because they believed their applications would be denied.
• 43% of white business owners who were considered low-risk applicants received full funding compared to Black (27%), Hispanic (24%) and Asian (19%) business owners who were also considered low risk.

Demonstrates that Black people, followed by Hispanic have the highest rejection rates. It is so high, that some of my people do not even try at 40%.

This says 40% didn’t apply because they didn’t believe they would be approved. This is what I’m talking about. You have to take initiative, and keep going.

 

[Uachet]

This says 40% didn’t apply because they didn’t believe they would be approved. This is what I’m talking about. You have to take initiative, and keep going.

I already answered that, by pointing out that of the ones that do apply, 47% are rejected. So many are discouraged by the rejection rates that are experienced.

 

[Still Benefited]

I hate this because it's the administration doing the same shyt over and over despite multiple (bad faith) court challenges where MAGA judges fukk this stuff up. It's the same thing that led to the black farmer thing getting clogged by the courts. We're seeing private companies getting sued for simply committing to giving grants to black women businesses.

The way you do this is by...doing it without talking about it. You just start hiring black contractors. You just give a shyt ton of loans to black farmers. And you get it done by putting black people in position to make the decision. Same with other minorities. Just hire Hispanics, women, etc whatever. But of course, if you simply do that the downside is that no one sees it so the Coli complains. So this is marketing. And when the courts fukk this up they'll be able to say "we tried but the courts stopped it so we need more help/votes." Which is true in a sense but still...if you wanted to really make change, JUST DO IT.

I dont care about black businesses individually or black farmers. None of these things including affirmative action,govt contracts have benefited black people as a collective. Im looking for something more comprehensive and focused on the collective.

 

[Wargames]

Somehow I expect that c00n Clarence Thomas
And the confederate Supreme Court to overrun this.

 

[Uncouth Savage]

You don’t work in govt funding industries. If you did then you’d understand exactly where those resources actually go.

I have seen your posts and know you deal in that industry.

Where exactly does the resources go?

I worked with 501c3 orgs and they might give 10% of money raised

What of that industry and its resources?

 

[¯\_(ツ)_/¯]

WTF do you even think you are trying to fukking say!

Explain the crab in a bucket scenario and how it applies?



You dumb fukk!

Federal statistics literally show that the majority of minority based federal contracts have gone to companies that list a white female as the CEO!


Now shut ya dumb ass the fukk up bytch!

So I’m going to ask a simple question that requires a yes or no answer from you:

Does *THIS PARTICULAR* initiative from Kamala and Biden require only white female CEOs get federal grants? Yes or No.

 

[CreepyMcCreeperson]

How i like to see the stats for particularly black men businesses

Black men need to do what white men do, and apply for female grants under their wives names, while doing all the work behind the scenes. This would be more feasible if we had more married, two income households. Instead we have more black individuals who are applying for loans and mortgages on a single income with no co-signer, and trying to build a business while working full time, and paying bills. But that is another conversation.

 

[desjardins]

OP got me , this like one of those Jay-Z camel threads
I was not expecting that pic

 

[JT-Money]

Key takeaways​

• For the 2023 fiscal year, the SBA issued nearly $34 billion to business owners across the U.S.
• Only around a third of those loans went to businesses with female ownership
• Despite the fact that more than 13 percent of people in the U.S. are Black, only 8 percent of 7(a) loans and 3.6 percent of 504 loans went to Black applicants
• Although 19 percent of people in the U.S. are Hispanic/Latino, Hispanic/Latino business owners only received 8.5 percent of the money distributed from 7(a) loans and 10.3 percent of 504 loans

• White business owners received 54.5%
• Hispanic business owners received 13.1%
• Asian business owners received 12.8%
• Black business owners received 3.6%
• American Indian or Alaska Native 0.7%
• Male-owned businesses received 63.1%
• Women-owned businesses received 36.9%

 

[BigMoneyGrip]

Minority means everyone not black..

Black folk shouldn’t be lumped in with minority… It should be black folk period…

 

[ORDER_66]

White business owners received 54.5%

54% OP really wanted us to fall for this trick bag bullshyt