Pushback on DEI initiatives and reversal of affirmative action could 'set back African-American economic-mobility prospects by decades,' one expert says.
For almost 20 years, National Black Business Month in August has served as a way to celebrate and put a spotlight on Black-owned businesses.
Now Howard and other experts who study race and entrepreneurship worry that those gains could be at risk. With the rising backlash against diversity, equity and inclusion initiatives, coupled with the recent Supreme Court decision that banned race-based affirmative action in education, they are concerned that Black-owned businesses and Black entrepreneurs could feel a negative impact.
But some surveys have shown that since then, companies have scaled back their DEI initiatives as part of cost-cutting moves and as a result of backlash. And white Americans’ support for the Black Lives Matter movement, which at its peak in June 2020 was at 43%, has fallen to 33%, according to data from the online polling company Civiqs.
Atkins thinks the same caution that corporations and educational institutions are exercising because of the pushback to DEI and the Supreme Court’s affirmative-action ruling, respectively, could spread to local governments and other institutions. For example, she said, local and state agencies are having to be careful about how they operate their contracting programs for minority-owned businesses.
Federal-contracting experts think the federal government could appeal the decision, according to a report from the news outlet FedScoop. The SBA did not immediately return a request for comment. And historically, Black business owners seeking capital have seen a lack of support from traditional financial institutions. Only 41% of Black-owned firms that applied for Paycheck Protection Program loans during the pandemic received all of the funding they sought, compared with 71% of white-owned firms, according to a survey by a dozen Federal Reserve Banks.
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