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:
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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.
