Minority-Owned Small Firms Face More Hardship in U.S. Recovery
- Almost 60% of such firms in poor or fair financial condition
- New report from Fed banks show disparities in the recovery
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Small U.S. businesses owned by minorities are more likely to experience financial hardship than the average in a nationwide survey showcasing an uneven or halting recovery for those firms.
Nearly 60% of businesses with fewer than 500 employees were in fair or poor financial condition, while 77% said the pandemic continues to have a significant negative impact on operations, according to a report from the Federal Reserve’s 12 district banks released on Tuesday.