How Minority Businesses Have Been Affected By COVID-19

It may seem evident that businesses would thrive as the economy thrives and struggle as it struggles, but that may be true if the path to owning a business was equal across every race.

No one understands this disparity like Black, Latino, Asian, and other business owners of color.

These systemic inequities already existed for minorities in the United States well before the COVID-19 pandemic.

Which only worked to demonstrate just how challenging it is to recover from an economic crisis—and various studies and surveys validated this reality.

In June 2021, McKinsey & Company reported that Black-owned businesses are 20% less likely to get a loan than businesses with white owners, and these businesses often lack access to a supportive network due to implicit bias and the legacy of racism.


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