A Federal Reserve System report shows the scope and scale of challenges U.S. communities are facing amid the pandemic. It offers findings of a survey designed to collect information on the effects of COVID-19 on communities and the entities serving them; the survey was fielded by all 12 Reserve Banks and the Board of Governors.
Small businesses are crucial to the nation’s economy. They employ almost half of U.S. workers, and are important sources of employment and wealth-building, particularly for minority communities. The number of minority-owned businesses has grown rapidly in recent years, which means that their well-being and ability to access financing is increasingly important to fostering economic opportunity and broader economic growth.
The Federal Reserve Bank of Atlanta has released the Small Business Credit Survey: 2019 Report on Minority-Owned Firms. The report examines the state of minority-owned businesses, offering insights on their performance, access to financing and experiences in the credit market.
You can read the Report on Minority-Owned Firms here.