U.S. Chamber of Commerce Warns of Racial Inequality for Small Businesses
A new survey from the U.S. Chamber of Commerce and MetLife provided to Axios shows a 17-point increase in the number of small business owners who say entrepreneurs of color face more challenges than their Caucasian counterparts.
Source: Axios
Better Data is Key to Beating Bias in Small-Business Lending
Current reports indicate that nationally, people of color represent roughly 40% of the population, but only 20% of the nation’s 5.6 million small-business owners with employees. Through increased use of technology and holistic data points, racial and gender disparity in lending can be eradicated and fintech leaders can usher in a more equitable era for small-business.
Source: PaymentsSource
About One in Three Latinx Businesses Have Been Impacted by COVID-19
According to a new study by Abriendo Puertas, a parenting-focused nonprofit based in Los Angeles, and Latino Decisions, a leader in Latinx political opinion research, about one in three Latinx business owners have taken an economic hit from the pandemic. Coronavirus-related job losses have affected at least 29% of Latinx families.
Source: Miami Herald
The report titled “The Impact of COVID-19 on Black Business Owners” spotlights the unique challenges that Black-owned small businesses face and identifies opportunities to better serve the Black small business community.
Source: PRNewswire
PPP Loans Increased Small-Business Survivability by up to 30% Study Finds
Small businesses that took advantage of the Small Business Administration’s $659 billion Paycheck Protection Program loans increased their survival probability by 14% to 30%, according to a working paper published by the National Bureau of Economic Research.
Source: Cleveland.com
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