America’s Black-owned businesses are confronting two national crises. First is the COVID-19 pandemic, which has brought an acute and sudden shock to small businesses, with 75% of small business owners reporting being negatively impacted by COVID-19. Second are the long-term racial disparities in business ownership, which continue to damage economic opportunities for business owners of color. Without addressing the long-standing injustices that constrain Black business ownership and growth, economic recovery from COVID-19 will be less equal and less dynamic.
As part of the COVID-19 Metro Recovery Watch initiative, the Brookings Metropolitan Policy Program will host the second in a series of virtual events highlighting principles and strategies for advancing inclusive economic recovery. The event will begin with an exploration of specific strategies for supporting small businesses in underserved communities in Detroit, a Black-majority city. Then, as part of a fireside chat with Amy Liu, Robert F. Smith will examine how well the existing financial system is serving Black-owned businesses and communities, and discuss how reparative capital can be used to empower minority communities.
» To watch the first Economic Recovery in American Cities event with Chicago Mayor Lori Lightfoot, click here.
» The third Economic Recovery in American Cities event will be held on Wednesday, November 18.
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