Los Angeles Times, June 20, 2020: Black-owned businesses face a system set up against them. COVID-19 makes it worse
It takes a lot to turn an idea into a small business: A storefront or some office space. Equipment, inventory, personnel, not to mention marketing, permitting and insurance.
All that costs money. Without funding, those businesses can’t launch or else quickly fail. And without cash to smooth over rough patches, a single emergency can destroy a company. That’s why it can be so devastating to be turned down for a business loan — which disproportionately happens to Black-owned businesses.
Such businesses face a number of hurdles.