This contrasts with the white non-Hispanic population who comprise 62.8% of the U.S. population, own 70.9% of all businesses and 81.6% of the firms with employees.
There is a wide disparity in both the revenue and size of Black and Hispanic-owned businesses when contrasted with other groups.
These low rates of business ownership and size, along with other factors, such as lower rates of homeownership, contribute to the widening wealth gap between minority groups and the white non-Hispanic population.
In regards to the recent pandemic the California Reinvestment Coalition reports that BIPOC owned small businesses have had less access to affordable credit and financial services due to structural racism baked into the banking system, this has resulted in less access to the PPP loan program, a lifeline for small businesses in the early days of the pandemic. The result?
The New York Federal Reserve found that 41% of Black-owned businesses across the country shut down between February and April, about 32% of Latino businesses and 26% of Asian businesses shut down over the same time span, compared to 17% of white businesses during the same period.
Does Shopping BIPOC Owned Brands Have an Impact?
YES! As conscious consumers use your dollars to support BIPOC owned businesses & invest money into these communities to encourage growth.
