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(AllBusiness) — For, while the recession has been a hardship suffered by all,┬áminorities have been hit particularly hard. The Center for Responsible Lending reports that since the beginning of 2007, African-American and Latino borrowers are 76 percent and 71 percent, respectively, more likely than white borrowers to have lost their homes to foreclosure. And the tight credit market that has made securing funding difficult for the majority has made it virtually impossible for minority entrepreneurs — a demographic that traditionally has already suffered from prejudicial lending practices. Last year, Federal Reserve Board Governor Elizabeth A. Duke said, “At our meetings, we heard a number of comments citing a comparative lack of capitalization, weaker collateral values, and lower credit scores for many minority small businesses, which leave these firms with less ability to absorb economic shocks.”

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