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.
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.
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.
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.