A loan agency based in New Jersey has apportioned $10 million to Black-American business owners who are finding it difficult to secure capital.
The World Business Lenders revealed during its fall social on Oct. 24 that the money is a component of the partnership it entered with the African American Chamber Fund. They also added that the contribution would assist members of the African American Chamber of Commerce.
The chairman and chief executive officer of the World Business Lenders, Doug Naidus, Archbishop David Billings III, and Rep. Edolphus Towns, disclose in a previous press release that the partnership is geared towards providing access to low-cost capital for small Black-owned businesses.
The African American Chamber Fund had revealed in its press release that about 2.6 million Black-owned businesses in the country are employers of 975,000 workers and also contribute the sum of $150 billion to the United States of America annually.
Naidus, who is also the vice-chairman of the Fund, said that of late institutional investors have stopped giving capital to small businesses. This, he said, has severely affected the black people who were already finding it difficult to get loans from lenders with reasonable terms and conditions.