Rate of minority business ownership increased to 14.6% in 2012, compared to 11.5% just five years prior.
Two years after the SBA released a rare report that highlighted the growing influence of credit unions within the small business sector, the agency has offered more proof that the cooperatives are continuing to hold their own.
At a time when some credit unions are looking for ways to boost their loan portfolios, they may want to consider giving more consideration to two groups that fear seeking out financing for their business start-ups or expansions.
New report finds they're also less likely to seek credit, fearing denial.
Roughly one out of 10 immigrant workers are business owners with most turning to personal or family savings for startup capital.
More profitable, more liquid and having better credit quality are a few of the traits of smaller businesses that do not use credit, a SBA Office of Advocacy study revealed.