About 26.5 million adults in the U.S. are not involved in the credit economy, with 15% of Black and Hispanic Americans considered “credit invisible.”
Nonexistent credit information and a lack of capital can severely limit economic development within a community. Black and Hispanic businesses in the U.S. are given only 2.5% and 5.8%, respectively, of funding from the Small Business Administration. Those figures contribute to communities that are hit by lost job opportunities and restricted housing options, according to the Rockefeller Foundation, which are issues heightened by the pandemic.