Axios, May 23, 2020: Minority-Owned Businesses Are Faring Worse Than Others
New research suggests that many small businesses owned by people of color are struggling particularly hard to survive the pandemic-induced financial crisis.
Why it matters:Â Structural barriers and narrower cash buffers had put many minority-owned small businesses at a disadvantage heading into the pandemic. Now, as the situation unfolds, experts say that entrepreneurs of color are having a harder time accessing lending and relief programs.
What’s happening: Research conducted by Global Strategy Group and published this week by two civil rights advocacy groups — UnidosUS and Color of Change — offers an early signal that black and Latinx small business owners are struggling to connect with the resources available to them, including but not limited to the PPP.
