Moving Beyond the Margins: Why Credit Access is the Key to River Valley’s Future

By Stephanie Gettridge-Quinones, President of the River Valley Black Chamber of Commerce

For too long, the story of Black businesses in Georgia was one of "making do" with the limited resources offered to us. Decades of systemic barriers meant that access to capital was often closed off, forcing Black entrepreneurs to rely on personal savings or informal networks. The practice of redlining, which denied loans and mortgages to people in certain neighborhoods, typically those with high-minority populations, has resulted in a long-term cycle of reduced homeownership, lower property values, and limited wealth accumulation for our communities.

But through a combination of focused advocacy and entrepreneurial spirit, over time, regulated credit has become more accessible to minority-owned businesses than ever before. 

In Muscogee County and across the River Valley, we are witnessing a quiet revolution of entrepreneurship. I work with visionaries who aren't just looking for a job—they are looking to build an ecosystem of wealth that sustains our families for generations. Building that future, however, requires more than just a good business plan; it requires the right tools being accessible when and where they are needed most.

One of those tools that have allowed Black entrepreneurs in the Valley and beyond to close the gap between historic exclusion and modern growth is the credit card. In fact, nearly 50% of all businesses rely on credit cards as a source of financing. The accessibility of a credit card is what allows a small business owner in Columbus to fix a broken delivery truck on a Tuesday so they don’t lose a week’s worth of revenue by Friday.

But as we continue to move down the path toward true economic inclusion, a proposal is circulating in Washington that would effectively pull the plug on this momentum: a federal 10% cap on credit card interest rates. Proponents of a 10% cap market it as a way to lower costs, but in reality, it’s a mechanism that filters out everyone but the most affluent. 

Credit cards are "unsecured" which means they aren't backed by the collateral of a home or a storefront. Lenders must account for the high costs of preventing fraud and the reality and risks of not receiving payments. In this “risk-based” pricing system, when the government sets an artificial ceiling on rates, they aren't just capping interest; they are capping who can participate in the economy. For Black entrepreneurs working hard to responsibly build their credit profile, young people trying to afford their first home, or family farmers with vital equipment in need of repair, a rate cap won’t make their credit cheaper—it makes it nonexistent.

According to the National Bankers Association, which represents minority community banks across 43 states and territories, a 10% rate cap on credit cards would severely restrict the availability of credit for everyday consumers. In a recent letter to lawmakers, they cited research indicating that consumers who lose access to credit are more likely to cut back on essentials and fall behind on bill payments.

Georgia is often in the national political spotlight these days. But we’ve come to understand that practical, bipartisan solutions are what move us forward. That’s what we should be focused on: championing policies that increase competition and transparency, ensuring that every entrepreneur in our community has a fair shot. We’ve worked too hard to dismantle the barriers of the past to allow new ones to be built. I urge policymakers to consider the negative effects this legislation would have on Black entrepreneurship and to instead prioritize laws that expand credit access for Black entrepreneurs.