Background on
NYC Black Business
To foster an engaging and constructive mentorship, it’s important to understand the challenges and opportunities for Black owned businesses in NYC. COVID-19 has affected the NYC small business landscape and has dramatically affected Black business owners across NYC. The data shown below will showcase (1) how Black businesses have fared during the pandemic and (2) the pre-existing barriers that impact Black business owner success. This information reflects a long global history of racial injustice and wealth acquired at the expense of Black people.
Black Owned Businesses pre-pandemic
The Gap in Black Business
Ownership in NYC
*Source: US Census Bureau American Business Survey 2018, US Census Bureau American Community Survey 2018, NYC Deputy Mayor Thompson’s Office
Certified Black Owned Businesses
*Source: NYC Department of Small Business Services
Gap in Earnings For
Black Owned Businesses
*Source: NYC SBS BENYC Report 2020
BE NYC: Black Owned Businesses (BOB) Focus Areas and Desires
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Money
Financial supports including seed capital, low-interest lines of credit, and short-term microloans.
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Mentorship
Resources including one-on-one coaching and peer support circles to help guide BOBs through their journey.
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Marketing
Resources to help BOBs better market products and services and garner more customers.
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Affordable Workspace
Accessible and affordable places for BOBs to work, including incubators and co-working spaces.
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Networking
Opportunities for BOBs to meet other entrepreneurs in various fields and business stages.
*Source: NYC SBS BENYC Report 2020
Black Owned Businesses during the pandemic
COVID-19 HAS AFFECTED THE NYC SMALL BUSINESS LANDSCAPE AND HAS DRAMATICALLY AFFECTED BLACK BUSINESS OWNERS ACROSS NYC.
The map below shows COVID-19 case rates, certified NYC Black business, and areas with a high concentration of Black businesses and COVID cases across NYC neighborhoods.
FOR MONTHS DURING 2020, NYC WAS THE EPICENTER OF THE PANDEMIC WHERE THOUSANDS OF BUSINESSES HAVE PERMANENTLY CLOSED.
Black businesses have been hit exceptionally hard in New York State, where Black business owners are 29% more likely to close shop compared to their Black counterparts across the United States.
Black Owned Business Closures During COVID-19
DURING THE PANDEMIC, THE MOST URGENT NEED FOR BLACK-OWNED BUSINESSES IS EQUITABLE ACCESS TO FINANCING TO HELP KEEP THEM AFLOAT.
The CARES Act Paycheck Protection Program was created to support small businesses as they navigate COVID-19 impacts. Yet many Black Owned Businesses didn’t secure these loans.
Black and Latinx Small Business Owners who Sought Assistance from the Federal Government
Together We Thrive:
Business Intake Data March Support
Black Business History in NYC
Barriers to Black business owner success reflects a long global history of racial injustice and wealth acquired at the expense of Black people. For many Black business owners, their current experiences directly relate to a complex history of slavery and segregation. American slavery legally ended in 1865 (approximately 2 lifetimes ago) and segregation legally ended in 1964 (less than 1 lifetime ago).
These injustices of our not too distant past have permeated American society and still influence our contemporary workforce and business landscape. Business ownership has been built and shaped by institutions that have excluded Black entrepreneurs. Also, discriminatory lending practices have historically barred Black families from business and home ownership.
View the timeline below to learn more about how history continues to shape our present
See the articles below to read more about how history continues to shape our present:
The Limits of Banking Regulation by Mehrsa Baradaran (The New York Times)
How Slavery Made Wall Street by Tiya Miles (The New York Times)
The Devastation of Black Wall Street by Kimberly Fain (The Atlantic)
The FBI’s War on Black-Owned Bookstores by Joshua Clark Davis (The Atlantic)