Clearly, additional research is needed to fully understand these complexities. Indeed, these data alone cannot identify discrimination because they do not include all the unique factors involved in each credit-granting decision. Whether discrimination helps to explain the various credit market experiences of small businesses owned by individuals from different demographic groups--and, if it does, to what extent--is difficult to determine.
Discrimination in any creditor's decision is disturbing, and the moral and legal objections to it are obvious. In addition, constraints on access to credit due to discrimination carry real costs and serious economic consequences. Such constraints inhibit economic opportunities by limiting the ability of victims to purchase homes, expand businesses, and accumulate wealth.