Take Action this August

Black Business Month Survey Finds Strong Support for Black-owned Businesses, Greater Advocacy Needed - Seite 2

Overcoming Challenges

According to the business owners who participated in the survey, 80% said they faced more challenges launching their businesses due to their race. Nearly 60% of respondents said they experienced some form of racism or bias, and half of the survey participants said that the government stood in their way when it came to opening their businesses. Approximately three out of four Black business owners said that they’ve had fewer chances due to a lack of capital investment and resources.

Disproportionate COVID Impact

The disparities between Black and white-owned businesses were highlighted by the devastating economic impact of COVID-19. While 76% of Black-owned businesses said they were negatively impacted by COVID-19, only 5% of those that applied for a Paycheck Protection Program loan received one. According to the National Bureau of Economic Research (NBER), as many as 41% of Black small businesses were forced to close permanently due to COVID-19 compared to just 17% of white-owned businesses.

Becoming the Boss

Seventy-nine percent of survey respondents said they’re more proud than ever to be a Black business owner. Black business owners said that pursuing their passions, gaining more control over their futures, being their own bosses, having flexible schedules and helping their local communities were the top five reasons why they went into business for themselves.

Achieving Success

Nearly half (47%) of the survey respondents said it took between three and six years for their businesses to get off the ground and become successful. While 84% said they were held to a different standard than other ethnicities, putting in hard work, taking pride in the quality of their product or service, having an innovative business idea, hiring the right people and building strong community relationships were identified as some of the keys to their success.

Making Their Voices Heard in the 2020 Election

Most Black business owners, 74%, are hopeful about the future of race relations in America, but they still want to see the issue addressed by the 2020 U.S. presidential candidates. The top issues that Black business owners want to see addressed in the 2020 campaign are race relations, small business support, police brutality, the economy and healthcare.

Taking Action

Groupon, which has seen searches for Black-owned businesses increase more than 300% on mobile since early June, is urging consumers to celebrate National Black Business Month by supporting businesses in their local communities as well as by making a donation to help provide new Black entrepreneurs with much needed access to capital. The company has a curated collection of hundreds of Black-owned businesses across the United States and will be featuring these merchants across its mobile, online and social channels throughout the month of August. In addition, the company has partnered with Kiva.org––a renowned crowdfunding platform––to raise funds from consumers in support of a Black-owned business fund that will help create opportunity and unlock investment capital for Black merchants across the U.S.