One in four Florida businesses had their loan application denied, according to a new report.
LendingTree, an online loan company, analyzed loan denial rates nationwide across such categories as race, sex, business size and revenue.
Florida ranked fourth, behind New York, Georgia and Texas respectively, in states with highest denial rate for loans, lines of credit and merchant cash advances, according to the LendingTree analysis of federal data.
Nationwide, the denial rate for these loans is 21%, or about one in every five businesses.
The LendingTree report, released last month, also found that Black-owned businesses nationwide last year were two times as likely to get denied over white-owned businesses.
Small businesses were also about five times more likely to be denied over larger companies.
“Smaller firms and minority-owned businesses often face heightened scrutiny from lenders,” said LendingTree’s chief consumer finance analyst Matt Schultz.
