“Black Owned businesses have taken a major hit during the COVID-19 crisis across the country Black Owned Businesses were twice as likely to close during the early months of the Pandemic, according to a report from the Federal Reserve. In New York from March 1, 2020-July 10 2,800 Black owned Businesses closed with 1,300 being restaurants. Many blame lack of Federal funding support in a timely matter, and just being denied altogether.“ As we approach the winter months the question still holds how will Black Businesses survive?
“Losses for small businesses hit nearly all industries,and even more for incorporated businesses. Research by JP Morgan Chase found Black businesses were already strapped before the pandemic, and some suffered disproportionately since. Sadly more the 90% of the small businesses in Majority Black Communities only hold cash reserves that are equal to less the. Two weeks of operating capitol , so they are more likely to run out when they have no customers.” What steps can Black Businesses do to survive this second wave of COVID-19?”
Black Business owners had to come up with crafty and effective ways to meet demand especially in the food industry. Many restaurants stayed afloat with Drive-thru, and carry out only. Many retailers increased their presence online by using various platforms such as Shopify or live shows such as Facebook live. Support must be maintained before, and after the next wave.
“There has been a judge increase for Black Business Directories. Local Detroiter Nailah Ellis-Brown was featured on Beyoncé’s was featured on Beyoncé’s “Black Parade Route”Business directory” and now has a partnership with Kevin Hart. Ellis Island Tea was also featured in 2017 on Black Economic Exchange sold at Sam’s Club they can’t keep it in stock!”
Steps for Black Businesses survival is consumers must continue to seek them out on purpose. Continue to support black business directories, and share a Black Owned Businesses that you visit and support. It is a critical time for Black Owned Businesses. Please check the article below “23 Steps To Surviving COVID-19 for Startups and Small Businesses by Steve Glaveski!” We must rebuild Black Wall Street One Brick At a Time”