In 2018, before the COVID-19 pandemic, scores of businesses struggled with accessing adequate financing. A McKinsey & Company study found that while all small business owners faced challenges during COVID-19, Black small business owners were some of the most vulnerable.
According to the Federal Reserve Bank of New York, about 58 percent of Black-owned businesses were at risk of financial distress before the pandemic, compared with about 27 percent of white-owned businesses. According to the U.S.…
