The current business lending data that is available still tells us little about the business owner because it only looks at entire metropolitan areas rather than individuals. It is critical that financial institutions that are willing to collect race and gender information on business loans to individuals be allowed to do so. This single decision will have a tremendous, positive impact on access to small business and other loans for people of color and low-income people. It will bring lending out into the light of day and increase incentives for banks to reach out to all applicants. Women-owned small businesses employ one third more people than the combined Fortune 500.
Small businesses sustain the families of their owners and the neighborhoods in which they reside.
When small businesses succeed, they bring services and employment to their communities. When they fail, the impact jars their local economies. Unfortunately, statistics show that failure has been a more significant fact of life for small businesses than larger ones. There has been no word from the Fed about when Reg B will be implemented. California Reinvestment Committee.