Menu
Fair access to credit is an important factor for upward financial mobility. It allows individuals to build credit histories, qualify for affordable loans, buy homes or cars, finance their education, and manage unexpected expenses. Without credit, families are denied the tools needed to build stability, resiliency, and generational wealth.
Small businesses depend on credit to survive and grow. Credit helps entrepreneurs manage cash flow, cover payroll and inventory, invest in equipment, and expand operations. It also provides a critical buffer during economic downturns or seasonal slowdowns.
In fact, most small businesses rely on credit cards and loans to operate, and many even depend on the owner’s personal credit to secure financing. Without accessible, reliable credit, small businesses are more vulnerable to failure, especially in rural and minority communities.
Greater access to safe, transparent credit is an important factor to closing opportunity gaps, strengthening small businesses, and building an economy that works for everyone. Ensuring that all Americans can access and build credit remains unfinished and urgent work. Any policy that threatens to roll back access to credit could also threaten economic opportunity and upward mobility.