SOLVING ECONOMIC INEQUALITY THROUGH PERSONAL LOAN ACCESS

Client
LENTILS
Faculty
Andy Moss
Team
Osa Aihie, Divya Jethwani, and Derrick Spencer

Black and indigenous people of color in the US have less access to low-interest loans, pay high interest on government-backed loans, and pay an average of twice as much as their white counterparts in bank fees. The Lentils team has designed an initiative that employs long-term capital through public and private means to provide low-interest loans and free checking accounts. The team interviewed individuals and business owners to better understand loan barriers, and conducted a comparative analysis of loans by type, region, interest rate, and qualifications. It created a database to help increase seed funding for minority-owned businesses by 8 percent and decrease the average interest rate for personal borrowers in Central Brooklyn by at least 3 percent. The team’s long term goals are to reduce the interest divide by at least 50 percent and restore long-term wealth-building.

Capstone Year
2020-2021