The Black community showed up strong for the president-elect, so we need his words to become tangible actions that better position Black businesses to access financing for startup, growth and expansion.
Prior to Covid-19, most Black-owned small businesses were faced with barriers to access capital for business startup and growth.
The SBA Disaster Loan and PPP programs proved to be disastrous for most small Black businesses, which applied and received very little to no financial support.
In that poll, 23% of Black business owners who did not receive PPP or Economic Injury Disaster Loans said their PPP applications were denied, compared with 9% of white business owners, 13% of Latino business owners and 9% of Asian American business owners.
It is utterly important that there is representation for Black businesses to ensure that initiatives and efforts through the OOE are designed to provide a hand up and not a handout for supporting and sustaining Black businesses to create economic impact through job creation and economic development for Black communities.