wjr business beat

WJR Business Beat with Jeff Sloan: Minority-Owned Businesses Hit Hardest by Pandemic (Episode 96)

As we reported on yesterday’s Business Beat, concern over a potential secondary wave of closures is high among startups and small businesses that have already had to temporarily close their small businesses as a result of the pandemic. However, there is an additional element of the report by the U.S. Chamber of Commerce and MetLife that bears highlighting, relating to how minority-owned small businesses have been disproportionally impacted by the coronavirus and the accompanying economic fallout.

The special report makes clear that when it comes to the concern about whether or not a small business owner might have to permanently close his or her business, two out of three minority owners of small businesses express concern over permanent closure, versus only 57 percent of non-minority business owners.

Tune in below to hear more details of the report from Jeff: 


StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!

WJR Business Beat Transcript

Good morning, Paul.

As we reported on yesterday’s Business Beat, concern over a potential secondary wave of closures is high among startups and small businesses that have already had to temporarily close their small businesses as a result of the pandemic.

However, there is an additional element of the report by the U.S. Chamber of Commerce and MetLife that bears highlighting, relating to how minority owned small businesses have been disproportionally impacted by the coronavirus and the accompanying economic fallout.

The special report makes clear that when it comes to the concern about whether or not a small business owner might have to permanently close his or her business, two out of three minority owners of small businesses express concern over permanent closure, versus only 57 percent of non-minority business owners.

The report also reveals that minority business owners have experienced more difficulty securing a business loan during the crisis than non-minority business owners.

Now, while there is much work to do yet, there was encouraging news from the report that we are making progress. Specifically that the majority of small business owners have taken action in the fight against racial inequality, with four out of five saying that making a commitment to fairness and hiring, promotion and pay is a priority focus of theirs as business owners.

I’m encouraged to see the business community and consumers alike rally around this important issue and to know that progress is being made. Let’s all work together to make a more level playing field part of the new normal.

I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

Total
1
Shares
Previous Article
Dropshipping e-commerce store

How to Make Passive Income with a Dropshipping Store

Next Article
remote side hustle

6 Tools to Help You Manage Your Remote Side Hustle Efficiently (and Easily)

Related Posts
metaverse
Read More

A Beginner’s Guide to Business Success in the Metaverse 

There’s no hiding from it: The metaverse is coming, and it’s on track to disrupt the world of business as we know it. Championed by newly rebranded Meta (formerly Facebook), the metaverse will be a network of 3D, 360-degree immersive and interactive micro-worlds. These digital spaces are where we will buy products, consume media,  learn...
wjr business beat
Read More

WJR Business Beat: Top Marketing Channel in 2022? Email (Episode 351)

On today's Business Beat, Jeff Sloan talks about why small business marketers in 2022 believe that email is the top go-to channel to use. Tune in to the Business Beat below to learn more:   Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of...
outsourcing
Read More

4 Reasons to Consider Outsourcing Your Sales Support

Sales representatives are responsible for boosting the company’s profits, and it can be a daunting task. Because of this, sales support takes some of this burden off their backs. Having sales support may not directly improve sales, but it has a positive impact on operations. Additionally, representatives can concentrate on improving their performance. The roles...
wjr business beat
Read More

WJR Business Beat: Customer Service is King (Episode 350)

On today's Business Beat, Jeff discusses survey results on how underwhelmed people are by customer service these days despite it being the greatest opportunity for small businesses to rise to the top. Tune in to the Business Beat, below, to learn more about the survey:   Tune in to News/Talk 760 AM WJR weekday mornings...