Well the answer is complex and multi-faceted.
So what's the solution ?? The answer is always the same: a complex combination of long-term capital formation and government policy. It takes a complex, cross functional solution led by government for about a generation(30 years). And it takes playing favorites: like using affirmative action for traditional disenfranchised groups, subsidies for very small business, and workforce skill development.
All of which is opposed by the entrenched business interest.
1) The best and cheapest capital is human capital (education, training and workforce development)
2) Monetary capital formation. Real-estate and home ownership continues to be the number one way to raise business capital. You must own you own home or apartment. It is your savings account.
3) Government policy to support small and native businesses. Government should support those traditional shut out of the banking sector.
4) Business training and development activities to graduate small, subsistence business to the next level as employment generators.
To push such a program forward takes political will and support of the people who say the current situation is bad but we can do some thing about it.
Hey, I did not say it would be easy.
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