JBI's groundbreaking national survey examines how barriers to traditional capital drive minority small business owners toward alternative financing — and what that reliance means for their business's bottom line and their own personal financial security. Fielded by NORC at the University of Chicago.
When the Door Closes, What's the Cost?
2,500+ Respondents
targeted across all race and ethnicity groups
5 groups
White, Black, Hispanic/Latino, Asian, Multiracial - Oversampled for statistical significance
NORC
Nationally representative · EPOP Survey, Wave 5 of 5 University of Chicago · Gold-standard methodology
Research has long shown that minority small business owners face greater barriers accessing capital from traditional banks and venture capital firms. Yet virtually no research has examined whether those challenges drive increased reliance on alternative financial products — or what that reliance means for business success and the owner's financial security. Until now.
JBI's Small Business Capital Access Survey is the first nationally representative study to directly measure the relationship between capital access barriers and alternative financing use among minority-owned small businesses — and to track the downstream consequences for both business performance and owner financial health.
Why This Research Matters
- White 800
- Black 562
- Hispanic / Latino 710
- Asian 160
- Multiracial 147
Respondents to date — by race & ethnicity
💳 Merchant Cash Advances
Use rates, terms, and impact on business cash flow and owner financial health
🛒 Buy Now, Pay Later
Business use of BNPL products and concentration across racial and ethnic groups
📈 Sales-Based Financing
Revenue-share financing arrangements and their effect on business growth trajectories
🔁 Factoring
Accounts receivable factoring as a capital access tool for minority-owned businesses
🏢 Business Financial Health
Revenue stability, profitability, and the relationship between capital access and business outcomes
👤 Owner Financial Health
Personal financial security, retirement savings, and the spillover from business to personal finances
Key Topics Explored
- Complete
Survey design & instrument - Complete
NORC EPOP embed confirmed - Complete
Data collection in field - In Progress
Analysis & findings review - Upcoming
Public release