Black-owned businesses were slammed by the pandemic-induced recession of 2020. They may be staring at another downturn soon.
Black businesses were slammed by the pandemic-induced recession of 2020.by Robert Fairlie, a professor at University of California, Santa Cruz–many Black businesses still have some of the vulnerabilities that existed before, such as low cash reserves and difficulty accessing credit relative to other groups.
During the last recession, the number of Black-owned businesses fell by 31%, to about 770,000, in April 2020 from pre-pandemic levels, according to Fairlie’s research. His latest research indicates that the ranks of Black business ownership is 9% higher than its pre-pandemic level, trailing only that of Latino business ownership.
Cohee added that he doesn’t believe the Federal Reserve Board will be too aggressive in raising interest rates and trigger a recession. Regardless, he said, the bank is diversifying its revenue streams, with products such as business loans and mortgages.
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