Surviving as a Black business owner isn’t easy, but there are resources to help | Gene Marks
Black-owned businesses have suffered disproportionately by the economic downturn resulting from the pandemic
If you are a Black business owner then there’s no question that the recent economic downturn has likely been especially hard for you. Just look at the numbers.
A National Bureau of Economic Research study found that the number of Black-owned businesses fell by 41% during the first few months of the pandemic. A separate study by New York’s Federal Reserve correlated that data, finding that those same businesses “suffered disproportionately” as compared to businesses owned by whites and other ethnicities. Worse still, 69% of business owners surveyed by the US Chamber of Commerce and MetLife said that minority business owners faced a tougher road than their white counterparts, which is up from 52% in January. It’s bleak.