Many Black entrepreneurs feel shut out of the banking system, survey finds

The findings from a recent survey seem to confirm what minority business owners have long said: For Black entrepreneurs in New York, acquiring capital, generating revenue and contracting with the city come with a degree of difficulty.  

The Greater Jamaica Development Corp., a nonprofit that also serves as an alternative lender, worked with TruFund Financial, headquartered in Manhattan, and the Harlem Entrepreneurial Fund to interview and survey 195 Black entrepreneurs and 23 Black contractors across all five boroughs. The survey was paid for by JPMorgan Chase and conducted over a three-year period, between 2019 and 2021.

The survey interviewed owners from two classes of entrepreneurial businesses: startups, which

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