An additional problem for these owners is that their businesses are more likely to be sole proprietorships, according to Ashley Harrington, senior policy counsel at the Center for Responsible Lending.
"When we're talking about businesses of color, most of them are very small businesses. So they're sole proprietorships or they have less than 10 employees or in fact more likely to be a sole proprietorship than any of the other small businesses," Harrington said.
