James Gutierrez Points Out That The Medieval Toxic Inequalities Are To Blame For The Wealth GapEntreprenuer, Loans
The wealth gap in America is a real scenario that continues to hurt many minority families. While it is a problem for everyone, inequality is to blame for the gap. For decades, the minority families‘ hardships are a triple fold the white families. Though racism is not a subject in socioeconomics, we cannot brush the vice as it a huge player in wealth disparities. When the 2007-2009 housing market crashed, the black households lost it all, while the white ones flourished. The Covid-19 conundrum threw in a ton of challenges. Unemployment spiked for everyone. The decade is young, yet the situation is not any better.
It is in such situations that business moguls like James Gutierrez feel that they can leverage. Suppose these low-income earners were offered funds for their businesses, whether startups or established, the level of suffering could be alleviated. The unemployment rates will go down significantly. Today, America’s unemployment rates among the white are 10.8%, Asians 13.3%, Hispanic 16.9%, and African American 17.4%. These rates are alarming. James Gutierrez says that the disproportionate will continue to grow if nothing is done about the situation.
As the rates reveal, COVID-19 unemployment rates hit the underserved communities harder. Despite the many illnesses and deaths, the community doesn’t have a tailored life insurance package in place. To seal this hole, Gutierrez has developed a mobile-first platform that aims at providing banking and insurance for underserved communities. With the poorer communities, individuals getting funding or an insurance package is not easy, simply because of low or no credit scores. James Gutierrez came up with a technology to help the minority community deal with credit scores.
Gutierrez makes the credit score sparkle for individuals to borrow funds for their businesses and life cover securities. The services are also cheaper for individuals once the credit score gets higher. Though after the funding, the credit score goes downhill, James Gutierrez advises individuals to get manageable debts that they can repay regularly for a specific period based on their incomes.