The State of Minority- and Women- Owned ... - Cleveland.com

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Statistical Disparities in Capital Markets In the ENC, credit availability and cash flow are far more important issues for African American-owned firms than for nonminority-owned firms. Four times as many African American-owned firms than nonminority-owned firms reported credit availability as the most important issue affecting them, and almost twice as many reported cash flow as the most important. Almost three times as many Asian-owned and Native American-owned firms reported credit availability as the most important issue than nonminority-owned firms. 267 Table 6.5. Percentage of Firms Reporting Most Important Issues Affecting Them Over the Next 12 Months— USA All Nonminority African American Hispanic Other Races Credit availability 5.9 5.5 20.5 5.3 4.3 Health care, health insurance 21.1 22.1 12.3 13.7 14.8 Taxes, tax policy 5.7 5.7 2.6 8.7 3.3 General U.S. business conditions 11.8 11.5 8.9 14.4 17.4 High interest rates 5.4 5.7 1.8 3.5 3.4 Costs of conducting business 3.3 3.3 3.8 3.8 3.6 Labor force problems 3.5 3.3 3.9 5.5 3.6 Profits, cash flow, expansion, sales 10.3 9.9 20.3 9.8 11.9 Number of observations (unweighted) 4,388 3,383 424 262 319 Source: See Table 6.1. Table 6.6. Percentage of Firms Reporting Most Important Issues Affecting Them Over the Next 12 Months— ENC All Nonminority African American Hispanic Other Races Credit availability 5.4 4.7 18.8 5.1 13.4 Health care, health insurance 20.8 21.5 13.3 9.0 8.3 Taxes, tax policy 5.4 5.4 3.3 5.1 6.7 General U.S. business conditions 10.7 10.6 10.0 30.1 6.6 High interest rates 5.0 4.9 0.0 3.2 14.8 Costs of conducting business 3.8 4.0 2.8 0.0 0.0 Labor force problems 4.3 4.3 4.5 5.1 2.4 Profits, cash flow, expansion, sales 12.9 12.5 23.0 9.4 15.7 Number of observations (unweighted) 705 591 74 14 26 Source: See Table 6.1. Acute credit availability problems for minorities have been reported in surveys other than the NSSBF. In the 1992 Characteristics of Business Owners (CBO) Survey, conducted by the 267 These two groups are combined together in the “Other Races” category. NERA Economic Consulting 194
Statistical Disparities in Capital Markets Census Bureau, for example, when owners were asked to identify the impact of various issues on their firm’s profitability, 27.0 percent of African American-owned firms reporting an answer indicated that lack of financial capital had a strong negative impact—compared to only 17.3 percent among nonminority male-owned firms. Hispanic-owned firms and other minority-owned firms also reported higher percentages than nonminority male-owned firms—21.3 percent and 19.7 percent, respectively. Further, owners who had recently discontinued their business because it was unsuccessful were asked in the CBO survey to identify the reasons why. African American-owned firms, and to a lesser degree Hispanic-owned firms, other minority-owned firms, and women-owned firms, were much more likely than nonminority male-owned firms to report that the reason was due to lack of access to business or personal loans or credit. For unsuccessful firms that were discontinued, 7.3 percent of firms owned by nonminority males reported it was due to lack of access to business loans or credit compared to 15.5 percent for firms owned by African Americans, 8.8 percent for Hispanics, 6.1 percent for Other minorities, and 9.3 percent for women. Another 2.7 percent of nonminority males said it was due to lack of personal loans or credit compared to 8.4 percent for firms owned by African Americans, 5.8 percent for Hispanics, 6.4 percent for Other minorities, and 3.3 percent for women. 268 A later study published by the U.S. Chamber of Commerce (2005) is also consistent with these findings from the 1993 NSSBF and the 1992 CBO. 269 The Chamber of Commerce survey was conducted in March and April 2005 and detailed the financing problems experienced by small business owners, 95 percent of whom had less than 100 employees. Over 1,000 business owners were interviewed. This survey showed that minority-owned businesses rely heavily on credit cards to fund their businesses; often do not apply for credit, even though they need it, for fear of being denied; and were especially likely to need working capital. In particular, as shown in Table 6.7, minority-owned firms report that availability of credit is their top problem. The biggest difference in responses between minorities and nonminority men and women was availability of credit: 19 percent of nonminority males report credit as their top problem compared with 54 percent for minority males. There was a 15 percentage point difference between minority women and nonminority women. In no other category is there more than a 10 percentage point difference for men or women. 268 Bureau of the Census (1997), Table 5a, p. 46, Table 1, p. 21. 269 Although the CBO is part of the Economic Census, it was not published in 1997. In 2002, the name was changed to the Survey of Business Owners (SBO). Unfortunately, questions relating to the importance of access to financial loans and credit to business success were not included in the 2002 survey. NERA Economic Consulting 195
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The State of Minority- and Women- O
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About the Project Team NERA Economi
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Notice This report sets forth the i
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Contents C. Race and Gender Dispari
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List of Tables Table 4.5. Services
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List of Tables Table 5.14. Disparit
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List of Tables Table 7.10. M/WBE Ut
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List of Tables Table 8.10. Percent
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List of Tables Table AC.32. Industr
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C. Defining the Relevant Markets Ex
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Table A. Overall Current Availabili
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Executive Summary disparity analysi
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Executive Summary • A greater sha
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Executive Summary Table C. Utilizat
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Contracting Category/ M/WBE Type Ex
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Executive Summary contract performa
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I. Introduction Introduction The Ci
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Legal Standards for Government Affi
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B. Preparing the Master Contract/Su
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Defining the Relevant Markets Table
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• Franklin County, OH (Columbus)
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NAICS Industry Group NAICS Descript
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Defining the Relevant Markets In AE
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NAICS Industry Group 8112 5412 5324
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NAICS Industry Group Source: See Ta
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NAICS Industry Group 4233 NAICS Des
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M/WBE Availability in the City of C
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NAICS Industry Group M/WBE Availabi
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Detailed Industry Group Navigationa
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Table 4.24. Detailed M/WBE Availabi
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Detailed Industry Group M/WBE Avail
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Detailed Industry Group General Med
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Detailed Industry Group Machine Sho
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Detailed Industry Group Products Me
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M/WBE Utilization and Disparity in
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Anecdotal Evidence of Disparities i
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The City of Cleveland’s Cleveland
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Blanchflower, D. G., P. Levine and
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References Fairlie, R. W. (1999),
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References Ladd, H. F. (1998), “E
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References U.S. Census Bureau (2004
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Appendix A. Glossary Demand-side: R
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Appendix A. Glossary NSSBF or SSBF.
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Appendix B. Master M/WBE Directory
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Appendix B. Master M/WBE Directory
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Appendix C. Detailed Utilization, A
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NERA Economic Consulting Barton Cre
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