The Equal Credit Opportunity Act (ECOA) ensures that all consumers—including businesses—are given an equal chance to obtain loans and credit cards.
The ECOA Act doesn't guarantee credit for consumers or businesses. You must still pass the creditor's tests of creditworthiness, but the tests must be applied impartially and without discrimination based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance or because you exercise your rights under federal laws. Creditors are only allowed to look at your income, expenses, debt, and credit history before deciding to grant you a loan or credit card.
