Excerpt via THE DETROIT FREE PRESS - A study looking at business loans in metro Detroit confirmed the adage that banks lend money to people who don't need it.
It also found a pattern of lending that could be a result of discrimination.
The 42-page report, released today by the Woodstock Institute in Chicago, found wide disparities in lending in Detroit and nationwide when considering income and race.
"If you are not lending in neighborhoods, entrepreneurs there can't create jobs," the study's author, Spencer Cowan, said in a conference call. "They can't sustain businesses. They can't provide needed services for local residents. The neighborhood declines."
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