The impact of COVID-19
While COVID negatively impacted businesses across the country, the impact it has had on minority businesses is staggering. According to data from National Bureau of Economic Research (NBER) Working Papers, the number of active business owners dropped 20 percent from February 2020 to April 2020. Statistics indicate a disproportionate impact on minority, women, and immigrant owned organizations. While a number of businesses bounced back, the impact was still felt by many, with African Americans having experienced the greatest losses.
Despite the negative impact and disparities, minority businesses maintained a more optimistic viewpoint concerning recovery, and were also more likely to support their community based on a McKinsey Financial Pulse Survey. Forty percent of minority owned businesses added new services to support their community and employees during the crisis, compared to 27% of all respondents, a 48% difference.
Support in return for minority businesses
While funding options like the Payment Protection Program (PPP) became available during the pandemic, programs like these are not always accessible. Funding opportunities for the program also ended nearly a year ago, having run out of funding on May 4th, 2021.
Thankfully, companies are developing programs of their own to show support. On March 22, Hennessy opened applications for their second round of Unfinished Business support program. The program is a partnership between Hennessy, One Hundred Black Men (OHBM), Asian American Business Development Center, (AABDC), and Hispanic Federation (HF). During their first round, they were able to support over 1,000 minority businesses.
How to Apply
Due to the overwhelming response from their first round, Unfinished Business will be taking applications between March 22, 2022 and March 28, 2022. You can find the link to apply here. Only 5 days before applications close!
Stay informed
Do you find information like this helpful? Be sure to follow ANCUR on social media. There we will be sharing other funding and business opportunities. If you’re looking at reestablishing or revamping your business post pandemic, schedule your free consultation. Let ANCUR help guide your reentry into business.