“We have 750-760 credit score. We pay all our debts.' Despite bringing in $200,000 in profits, year after year, Freddie Lee James still can't get a business loan. Black owners' applications are rejected at twice the rate of whites owners'. stlpublicradio
Freddie Lee James Jr., owner of Freddie Lee's Gourmet Sauces, starts a batch of his sauce at his commercial kitchen space near downtown St. Louis.His home-whisked Ghetto Sauce made him the king of cookouts. Family and coworkers would clamour for the zesty, sweet and spicy barbecue sauce. After years of their encouragement and five years before he was to retire from his construction job, he decided to take it to the next level.
Banks deny loan applications from black business owners more often than any other racial group, according to Galen Gondolfi, a senior loan counselor and spokesman at the nonprofit, said the Jameses' frustrations are not unwarranted. “They have to be very careful about the businesses that they lend to, because having bad business loans is one of the leading causes of banks actually going out of business,” Gines said.
One way Davis helps his clients obtain loans is by making sure they meet the banks’ industry standards for debt service ratio — the company's ability to repay a loan.
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