It has now been a year since the pandemic began. Through this troublesome year, Black-owned businesses have lost a tremendous amount of revenue. H&R Block did a survey and out of 3,000 small businesses, 53% of Black-owned businesses lost 50% of their revenue compared to 37% of White owners.
Devastatingly, this is revenue loss is from 2020, and 2021 does not look any better, due to the ongoing pandemic. This has caused thousands of Black-owned businesses to go out of business and puts even more at risk. In October, Main Street Alliance/Color of Change did a poll that showed that only 40% of Black-owned businesses planned to stay open in 6 months, compared to 46% of Asians, 48% Latinx, and 55% of White owners.
However, this is not the first time seeing Black-owned businesses struggle, the pandemic just exasperated the issues that Black-owned businesses face on a daily basis. For decades Black-owned businesses have faced issues with getting loans and other forms of capital to get their businesses up and going.
So, here are a few Black-owned businesses to check out, and do not forget to research your local Black-owned Businesses to support.