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Minority firms face loan hurdles in Texas study
A Texas House committee report says Black and Mexican American businesses struggle to obtain bank loans, often operating on a pay-as-you-go basis with high interest and heavy collateral. It urges 40 percent of state contracts to go to small and minority firms, with 10 percent to minority businesses, and calls for stricter bonding standards and a tightened small-business definition. The panel also recommends an assigned bonding pool and higher construction bonding floors, noting a low state appropriation in 1979.
MENTIONED IN THIS ARTICLE
Austin, Texas
Legislator Citizens Committee
House Select Committee On
Bill Clayton
State Insurance Board