COVID-19 had a disproportionately negative impact on Black-owned businesses, exacerbating the longstanding Black-white wealth gap.
According to SCORE’s "Megaphone of Main Street: Impact of COVID-19" report issued in the fall of 2020, Black-owned businesses were more likely to seek – but less likely to receive – outside funding. Among those seeking loans who actually received loans, white business owners (54.2 percent) are more than twice as likely to receive new loans compared to Black business owners (22.3 percent). Meanwhile, 31.6 percent of Black business owners sought new investors while only 9.6 percent of white business owners reached out to secure funds from new investors.
Giving back can mean a lot to a volunteer, just ask Tereance Moore of Hagerstown, MD, who volunteers with SCORE, the nation’s largest network of mentors and executives assisting small business owners.
Read more at Uptown Magazine.