(BPT) - It’s not news that many small businesses are struggling to survive in light of the economic challenges imposed by the pandemic. In fact, research shows small businesses owned by Black, Indigenous and People of Color (aka BIPOC owners) have been hit even harder than others — and many are struggling to survive.
The National Bureau of Economic Research reports that between February and April 2020, the number of active Black-owned businesses declined by 41%, Latinx-owned businesses fell by 32% and Asian-owned businesses dropped by 25%. In comparison, small businesses as a whole declined 21%. All that is concerning, since small businesses create 1.5 million jobs annually and account for 64% of new jobs created in the U.S., according to the Small Business Administration.