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A new study is adding to the growing body of evidence that the playing field for entrepreneurs is tilted depending on the color of their skin.
A research paper released by the Small Business Administration finds that black and Hispanic entrepreneurs face greater difficulty than ever in securing business loans, Bloomberg Businessweek reports.
Here are some of the study's key findings:
If the results are right, the bottom line is troubling: White entrepreneurs are seemingly more likely to get business loans than blacks or Hispanics.
The study's authors, however, insist they found no direct evidence of bias -- deliberate or otherwise -- in the financial system, Bloomberg Businessweek reports.
That being said, credit discrimination happens to many people. It's often hidden and, in many cases, unintentional, which makes it tough to spot. Warning signs of credit discrimination include:
If you suspect that you might be a victim of credit discrimination, you can file a complaint with the Consumer Financial Protection Bureau. If that doesn't solve your problem, you may also want to consider consulting an experienced attorney.
Above all, you need to be your own best advocate. Protect yourself by doing your own research, knowing your credit history, not giving in to pressure, and not signing on the dotted line until you're completely satisfied.
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Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.