21.4.20

10 Ways to support Black Owned Businesses


Via Morgan DeBaun:
10 WAYS TO SUPPORT A BLACK SMALL BUSINESS. Why? Let me give you some stats and outline how COVID-19 will impact minority business owners:⠀ ⠀ ­čĺ░Historically large banks only approve about 60% of loans from white small businesses owners, 50% for Hispanics and 29% of loans sought by Black small business owners. ⠀ ⠀ ­čĺ░there are 2.6M black owned businesses and 2.5M have no employees. Many are solopreneurs with not a lot of cushion. ⠀ ⠀ ­čĺ░COVID-19 loans prioritize small businesses with employees. Or businesses with pre-existing relationships with banks. That literally takes out 80%+ of black small biz owners. ⠀ ⠀ ­čĺ░ The median white family has 10x the amount of wealth as the median Black family. We have less savings to lean on collectively.⠀ I challenge each of you reading this to pick 1 thing today you can do to support a small black business. Comment below on your commitment. hashtagsmallbusiness hashtagsupportblackbiz

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