There are 30.2 million small businesses in the U.S. But only a fraction of them survive. Twenty percent of small businesses fail by the first year, 30% by the second, 50% by the fifth, and by the 10th year, a staggering 70% of businesses have shut off their lights.
For minorities, the numbers can be even more daunting. Eight out of 10 Black-owned businesses fail within the first 18 months.
Covid-19 has exacerbated some of the issues facing the Black community. African American entrepreneurs have had to close their doors at more than twice the rate of their White counterparts. Black-owned businesses declined by 41% between February and April 2020, compared with a 17% decline among White-owned businesses. Continue reading.
