NewswireToday - /newswire/ -
New York, NY, United States, 2009/05/11 - In a study that explores the challenges facing minority and women business owners, African-American women proved to be the most in need of business financing options and resources.
African-American women entrepreneurs are the most credit starved of the minority and women business owner population, according to the results of a national study conducted by Biz2Credit in the first quarter of 2009.
About 71 percent of African-American female and 60 percent of African-American male respondents indicated that getting a loan for their enterprise was the biggest financial challenge. Asian men were the next largest demographic to indicate credit as a top and unfulfilled business priority.
“There’s a large financial knowledge and service gap within the minority and women business owner community,” said Ramit Arora, co-founder of Biz2Credit. “The current market landscape will only worsen unless legislators take swift action to free-up financing or loan resources.”
Biz2Credit, a small business loan marketplace, administered the survey to examine the effects of the ongoing credit crunch and recession on the health of minority- and women-owned small businesses. The survey was distributed through online and offline channels to over 100,000 African-American, Asian, Hispanic and women small business owners. The National Association of Women Business Owners, ImpreMedia Digital and a large network of local Chambers of Commerce distributed the survey to their members and readers.
Other key concerns of minority and women business owners included acquiring new clients and adopting technology. Around 52 percent of Hispanic or Latino respondents indicated that they manage their finances manually instead of using an accounting software program.
“Statistics have traditionally revealed lower internet penetration among the minority business owner segments,” said Mukul Sheopory, Director of Business Development for Biz2Credit. “This makes it increasingly difficult for minority entrepreneurs to use web resources to access loans and financial information, reach out to new clients or avail software and online services that improve the productivity of owner-operators.”
To help serve this community, Biz2Credit has launched a proprietary loan engine to connect business owners with lenders and expand capital access and awareness. Additionally, interested parties can purchase the complete detailed report of the study, “Hard problems of minority- and women-owned businesses” by contacting Sheopory at mukul.sheopory[.]biz2credit.com.
Founded in 2007, Biz2credit (biz2credit.com | biz2credit.in) connects small business owners with service providers and lenders, empowering them to effectively compete with big business, innovate their services and products and grow their enterprise. Biz2Credit has established alliances with over 30 national and international organizations and conducts studies among business communities throughout the U.S., India, China and Brasil. The organization has provided services to over 25,000 entrepreneurs and facilitated over $100 million in financing.