Marketplace, August 4, 2020: One reason why Black-owned businesses have fared worse in the pandemic: weaker banking relationships
For the last several months, we’ve been watching the COVID-19 pandemic hit Black-owned businesses particularly hard. A new report from the New York Federal Reserve confirms it — and looks into the reasons why. A lot of it comes down to relationships with banks.
Getting that first round of Paycheck Protection Program funding was like running a race. And Vera Daniels was miles away from the starting line when the gun went off.
“I sent emails out to a listing of about 100 banks,” she said. “It just felt helpless.”
