Robinson: Credit card caps threaten Black entrepreneurs – detroitnews.com

At Grand Rapids Area Black Businesses (GRABB), we work every day to help Black entrepreneurs start, sustain and grow businesses in West Michigan. Our mission is grounded in a simple reality: thriving Black-owned businesses are vital to a robust, inclusive economy. But too often, the entrepreneurs we support are forced to do more with less. Less capital, fewer banking relationships and limited access to affordable credit.That is why GRABB believes it’s critical to speak up when public policy proposals risk making those barriers even higher.Across the country, including in Michigan, access to credit is not just a financial issue. It’s an economic opportunity issue. For Black Americans and Black-owned small businesses, equitable access to affordable credit remains a steep uphill climb. So, when policymakers promote sound-bite solutions like capping credit card interest rates, we must look beyond the headlines and ask an important question: who benefits and who pays the price?

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