COVID-19 has had its share of challenges, ranging from school closures, trip cancellations, and some would even argue Hot Girl Summer, OH-KAY! But as always, Black business owners prevail some way, somehow.
Groupon and the National Black Chamber of Commerce took a deeper look into Black businesses and their challenges and overall, Black business owners are feeling hopeful and business has increased.
According to People, 75% of Black business owners have seen an increase in their business, since the beginning of June, based on research conducted for National Black Business Month, which is August.
“The poll of more than 400 Black business owners comes as a result of the recent Black Lives Matter protests across the nation and across the world, prompted by the death of George Floyd while in police custody in Minneapolis.”
While business may be booming and they’re getting those coinzzz, Black people still face an uphill battle, as it relates to entrepreneurship.
The study also revealed that 65% expressed that COVID-19 took a toll on their business, and only 5% of those that applied for the Paycheck Protection Program (PPP) loan shared they actually—Click the link in bio to read more. received one.
It was also revealed Black business owners struggled with being taken seriously, while 63% of Black business owners expressed that there was a challenge accessing capital when compared to their non-Black business-owning counterparts.
Over 80% feel that they’re held to a higher standard than their non-Black counterparts.
“84 percent of Black entrepreneurs say they are held to a different standard than other ethnicities.”
Despite the challenges, “nearly 80 percent reveal they are proud to be a Black business owner in America — now more than ever before.”
When it comes to resources, seventy-four percent share that they’ve had “fewer chances to create a successful business and less time to make it successful due to a lack of capital investment and resources.”
They’re also hopeful about race relations in America.
“Seventy-four percent of Black business owners said they are quite hopeful about race relations in America as a whole.”
