Black Businesses Still Struggling

Thousands of small businesses have been forced to close and Black-owned businesses have had to close at twice that rate.

Black-owned businesses in 2020 saw a decline of 41% compared to white-owned businesses that saw a 17% decline.

There are 30.2 million small businesses in the U.S. but eight out of 10 Black-owned businesses fail within the first 18 months.

Covid-19 has exposed the issues facing Black entrepreneurs who have had to close their doors at more than twice the rate of their White counterparts. Black-owned businesses declined by 41% compared with a 17% decline among White-owned businesses.

The killing of George Floyd renewed interest in supporting the economic advancement of African Americans, as online support helped Black businesses see huge spikes. Google searches for "black-owned businesses" reached an all-time high, and 75% of Black-owned small businesses saw upticks in customers.

But the surge, plummeted back to their pre-Covid rates.

Photos by Getty Images

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