Banks have a major role to play in supporting minority-owned businesses BankThink. American Bankers Newspaper. By William Michael Cunningham June 25, 2024, 10:00 a.m. EDT The United States' economy is distinctly divided into two economies: the minority economy and the majority economy. This division is supported by empirical evidence highlighting significant economic disparities between minority groups and their white counterparts, particularly during economic downturns. Minority populations, including Black, Hispanic and Native American communities, consistently face higher unemployment rates , lower income levels, and reduced access to capital . These disparities are further exacerbated during economic recessions. The Federal Reserve indicates that Hispanics, Blacks, Native Americans and other disadvantaged groups experience greater-than average unemployment rates over the economic cycle. For instance, during recessions, the unemployment rate for Black and Hispanic ind...
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