COVID-19 has impacted Black businesses in a particularly brutal way. 17 percent of white businesses have been shutdown due to COVID-19 but for Black businesses, the number is 41 percent. That’s according to a report by the National Bureau of Economic Research. The groundswell of support for Black businesses in the aftermath of the George Floyd and Breonna Taylor murders hasn’t benefited many Black entrepreneurs. As Black people rally to strengthen the businesses that remain, there must be a conversation on what happens to the entrepreneurs who were forced to shutdown.
The economy is tanking right now, which means that entrepreneurs who’ve been forced out of business aren’t likely to find employment at other businesses. Many of these entrepreneurs have no resources to get back into business for themselves, after pouring years of sweat and resources into their businesses. These Black entrepreneurs are essentially invisible, absent from the political debate and not targeted by the many government and private funds made available to struggling businesses. As unemployment numbers continue to climb, the pathway to recovery isn’t so clear for the estimated 440,000 Black business owners who are now closed.
There must be something done and quickly, to help these entrepreneurs retool. There must be a collective response to support, affirm and invest in the Black entrepreneurs who, before this pandemic, gave so much to our community. Something is brewing, stay tuned…
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