41% of Black-owned businesses across the country permanently shut their doors between February and April, but only 17% of white businesses shuttered.
The death of George Floyd sparked a whirlwind of support for Black-owned businesses, but has this wave continued as we near the end of the year?
Gaining access to capital has been a long time struggle that has only gotten larger due to COVID-19, with only 20% of PPP loans allocated in areas with the highest number of Black businesses.
Black owned business did get a massive surge of business when support for BLM also included support for Black Owned Businesses, but many small businesses, didn’t have the infrastructure to handle the sales surge, especially with COVID-19 shipping delays.
The unexpected wave of support has helped keep these businesses alive but they need continued support if they are to remain so.
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