In honor of Women’s History Month, the Amsterdam News decided to take a look at Black women business owners impacted by the COVID-19 crisis and their road to recovery. WomensHistoryMonth
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Minority/Women-owned businesses experienced a jump of 26% from 2007 to 2012, “Significant growth has been much slower than all other businesses and women-owned businesses” for Black women-owned businesses. And during the pandemic, an estimated 25% of M/WBEs shut down between February and March 2020 across the U.S., said the report.
Through the loan program, Terry and others were able to get back on their feet at a time when inequitable access to the federal Paycheck Protection Program capital was rampant. When the PPP program launched, monies were disproportionately distributed to white or male-run business owners. “Black women tend to be overlooked by the financial market for a number of reasons, including the fact that they tend to have more debt, tend to be more educated so they have more student debt,” said Bishop, “or they have challenges getting capital.”
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