Insights into the world of small business lending and development
Microloans Give Needed Boost to Small Businesses
Three years into launching her liquor company, Royalty Sprits, Portland native Chaunci King received her first business loan just two months ago. With no investors or professional experience in distilling, King was in the position of so many small business hopefuls: down on her luck. “You’re a high risk as a new business. Traditional banks are just afraid if you’re a startup,” said King. “That’s been a problem for many years. If you don’t have a lot of collateral to put up, then it’s even harder.” According to a 2016 report from the Bureau of Labor Statistics, women make up only 22.7 percent of alcohol wholesalers – and only 10.6 percent are Black.