Of the more than 30 million small businesses in the United States, it is estimated that 11 million are owned by racial and ethnic minorities. Statistically, immigrants in the country are more likely to start and own small businesses than non-immigrants and are more likely to hire employees at faster rates than non-immigrants.
Marcos Rivera has followed in his father’s footsteps and owns his own Latin-inspired restaurant in the Chicago area, Libertad. Rivera told ABC News that his father was an immigrant from Mexico, who started as a dishwasher and eventually owned a few restaurants of his own. The restaurants were family affairs, with all of the children helping out.
“The federal government is trying to do a lot in a very small amount of time, so I would not fault them entirely. They are trying to deploy the capital quickly and that means you don’t have time to run all the materials through every language, but that has created a vacuum that we and others are trying to fill,” Lamar Heystek, president of the non-profit minority business advocacy group ASIAN, Inc. told ABC News.
The CBC pointed to a “history and legacy” of racial inequality in banking and credit systems, which they see hurting minority businesses owners in this case. In short, white business owners have been more likely to receive credit in the past, and now, in a moment of crisis, as banks default to lending to their familiar customers, minority-owned small businesses could once again be denied and excluded at disproportionate rates.
The Department of Treasury signaled Tuesday that it was working to expand the amount of funds available to small businesses through some of the emergency lending programs. Still, such a wide range of small businesses competing for this emergency capital, there is great anxiety among owners of very small businesses that they might get overlooked.
“These small business are the fabric of our communities. I don't have Boeing here. I have my neighborhood store,” she added. Chung said she worried about clients or hers and members of her local community who run cash-only businesses or family-run small firms who have limited bookkeeping.
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That's great social distancing there.
Minority business always face cash crunch
It’s all small business you division causing fakenews hacks.
Race bait fail
All small businesses do
If the situation were Americans living in a country as a foreigner they would also be facing these hurdles. As a race people stick together with their own race. It’s biology. Build with in us to stick and protect our own.
The media likes to make everything some sort of racism.
Thinking So why do corponrations get so many breaks? What was the plan here?
What's 'minority-owned'? Who owns the majority?
illegals send them to their own country home
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