Black, Latino, Asian-owned businesses hit harder by pandemic
August 5, 2020
According to a study released by the Federal Reserve Bank of New York, minority-owned businesses as a whole are taking a tougher pounding from the COVID-19 pandemic than white-owned companies. Nationwide, the report estimates that 41 percent of Black-owned businesses had to close down between February and April, about 32 percent of businesses owned by Latinos and 26 percent of Asian businesses vs. roughly 17 percent of white-owned businesses during the same period. The authors attributed the disparity to lack of financial savings, less access to capital, including federal PPP loans, and funding gaps that existed prior to the pandemic.
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