(BPT) - There’s no doubt the pandemic has hit small businesses hard. Even in its early weeks, February to April 2020, the number of active businesses plummeted by 22%, according to a report from the National Bureau of Economic Research. And unfortunately, the consequences of the early shutdowns impacted minority-owned businesses even harder, with Black-owned businesses seeing a 41% drop, Latinx businesses 32%, Asian businesses 26% and women-owned businesses 25%.
Does that bad news mean that now is the wrong time to consider starting a new business? Not necessarily. Opportunities exist for small businesses today, including support and funding for start-ups — and especially for minority business owners.