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Brooklyn’s Diverse Business Owners Go on a Global Hunt for Cash From Family, Friends

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Small businesses usually struggle with cash, and for those owned by minorities and immigrants, the risks are higher because they are often cut off from traditional lending sources. Here is how one neighborhood is coping.

Aug. 5, 2020 9:00 am ET

Brooklyn’s Fifth Avenue was a ghost town all spring, erupted with Black Lives Matter protests at the start of summer and has now been transformed into a lively outdoor dining room as restaurants and bars spill out into the street. The evolution is a relief to residents and businesses. But it has forced many owners to scramble for cash to build outdoor patios, buy inventory and rehire workers. For the Park Slope neighborhood’s many Black-, Hispanic- and immigrant-owned businesses, that meant tapping informal networks of friends...

 

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How business owners can cut costs and prepare their companies for an uncertain future - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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