Creation of $250 Billion Commitment to Minority Business Lending
Creation of Minority Small Business Loan Product as Union Bank
Creation of African American Small Business Development Fund by BofA
Bank of America CEO Moynihan Contributes To Black Poverty
With Redlining of Direct Lending To Black Businesses:
Small Business & Housing
Critical For Battling Poverty
In Minority Communities
JOBS JOBS JOBS:
Black Businesses In Black Communities Critical To Battle Poverty:
Kaufmann Foundation Study Facts:
Representing 95 percent of all U.S. companies, businesses with fewer than fifty employees are undoubtedly important to overall economic strength. So too are the relatively few large companies that employ millions of Americans.
· New businesses account for nearly all net new job creation and almost 20 percent of gross job creation, whereas small businesses do not have a significant impact on job growth when age is accounted for.
· Companies less than one year old have created an average of 1.5 million jobs per year over the past three decades.
· Many young firms exhibit an “up or out” dynamic, in which innovative and successful firms grow rapidly and become a wellspring of job and economic growth, or quickly fail and exit the market, allowing capital to be put to more productive uses.
· Young firms were hit hard during the Great Recession. Even still, from 2006 to 2009, young and small firms (fewer than five years old and twenty employees) remained a positive source of net employment growth (8.6 percent), whereas older and larger firms shed more jobs than they created.
Small Business Administration Facts:
The SBA Office of Advocacy generally defines a small business as an independent business having fewer than 500 employees. There are an estimated 29.6 million small businesses in the United States.
America’s small businesses are the engines of job creation. Small businesses create seven of every ten new jobs and they employ just over half of the country’s private sector workforce. (SBA Office of Advocacy)
Small businesses create more than half of the nonfarm private gross domestic product (GDP). (SBA Office of Advocacy)
Small businesses have generated 64% of net new jobs over the past 15 years. (SBA Office of Advocacy)
You are a bank and your federally required focus on the Community Reinvestment Act
needs to be on access to capital not how many grants (free money to shut up minority leaders
voices) you can give nonprofits. Your banks record to home lending and especially small
business lending to minorities is disgusting by any terms. In Florida, minorities account
for over 74% of poverty. Minority small businesses are crucial (along with building up
minority home owners home equity levels) to create jobs as indicated in the chart above.
But Bank of America has failed miserably to provide African American businesses
the much needed capital (both loans and equity investments) to create much needed
jobs in these communities. We urge you to create a national minority small business
loan commitment with added emphasis on African American small business
expansion and start ups. My Father God has equipped me with the strength to battle
you to the gates of hell and back to his throne which is built upon a foundation
of righteousness and justice. 2016 is the YEAR of COLOR so do right….