According to a report cited by NBA.com, which draws upon data from the U.S. Chamber of Commerce, significant disparities exist in how banks approach loan applications from different demographic groups. The report highlights that Black and Hispanic-owned businesses are disproportionately classified as “at risk” by lending institutions, making them twice as likely to face loan denials or unfavorable terms compared to other businesses. Women-owned businesses also face distinct challenges in accessing capital. They often experience lower loan approval rates, meaning their applications are less likely to be successful, and when approved, they tend to receive smaller loan amounts than their male counterparts. Furthermore, women-owned businesses are frequently subjected to higher interest rates on the loans they do receive, increasing their overall cost of borrowing.

In response to these systemic inequities and the obstacles they present to aspiring entrepreneurs within marginalized communities, the “Fast Break for Small Business” initiative was launched. This program aims to level the playing field, providing resources and support to Black, Hispanic, and women-owned businesses, thereby giving them a more equitable opportunity to pursue their entrepreneurial goals and transform their visions into successful realities.