Black And Hispanic Small-Business Owners Have Been So Badly Hit In The Pandemic Recession
The pandemic has taken a heavy toll on Main Street, with small businesses across the U.S. closing by the thousands.
But as bad as the overall scene is, for minority-owned businesses the picture is even bleaker. A survey released on Jan. 27 by advocacy group Small Business Majority found that almost 1 in 5 Black and Hispanic entrepreneurs expected to permanently close their business over the course of the next three months – a rate higher than for white business owners. It comes on the back of a report by the Federal Reserve of Cleveland that suggested that the impact of the coronavirus could be over two times larger for Black- and Hispanic-owned businesses than for white-owned enterprises.
As scholars who research racial inequities and entrepreneurship, we know that even before the pande...