With 41% of their businesses closed because of the COVID-19 pandemic, Black business owners have faced the largest shutdown of any segment in the country, said Ron Busby, president and CEO of the U.S. Black Chambers, Inc.
“If you ask any small business owner their No. 1 concern, they will say access to capital,” Busby said. “But when you ask a Black business owner, they will say their No. 1, their No. 2, as well as their third concern, is access to affordable and accessible capital. That means capital that’s available in their community. That means capital that’s not at a 20% rate. And that means capital that’s not going to be tied to other receivables or other assets that we own.”
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