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Black Owned Businesses Suffering at Alarming Rate Compared to White Owned Business

June 24, 2020

In this Thursday, May 21, 2020, photo, Jessika-Katherine Naranjo Colina, left, and Bernard Kanjoma, who co-own the graphic design and marketing firm Naranjo Designs, pose for a photo in Detroit. Kanjoma, who emigrated to the United States from Malawi, said their 12-person team has seen an 80% drop in business but they’re identifying creative ways to weather the crisis. (AP Photo/Paul Sancya)

The disparities between white and Black America has been magnified by the coronavirus pandemic. Black owned businesses have been closing at a significantly higher rate. Black owned business declined by 41% from February to April 2020, compared to 17% of white owned businesses.

Connor Maxwell of the Center for American Progress says while President Trump touts himself as pro-business, he has not been pro Black business. The Trump Administration has had a poor track record with Black owned businesses, with a paltry 3% receiving federal aid while 95% of Black-owned businesses were shut out of PPP loans from the government.

Click ▶️ to listen to AURN Washington Bureau Chief April Ryan’s White House Report:

In this Wednesday, May 20, 2020, photo, Pinky Cole, owner of Slutty Vegan restaurants and food trucks, wipes down a sign on her storefront in Atlanta. Through her Pinky Cole Foundation, she’s been paying the rent for small businesses that are struggling. “Black-owned businesses, we’ve always landed at the bottom of the totem pole as it relates to resources,” Cole said. “We put our blood, sweat and tears into these businesses and everything you’ve worked hard for can be lost in a matter of days.” (AP Photo/Angie Wang)
In this March 24, 2020, photo, Keisha Henry, right, and her business partner Erica Norwood pose for a portrait inside their lounge and catering business in New Orleans. Henry said she lost about $10,000 in revenue last week after three big functions she was slated to cater ended up canceling. Meanwhile, she still has expenses related to launching a bar and lounge six months ago. Henry said she regrettably had to lay off several employees. (AP Photo/Gerald Herbert)

Original article source: http://aurn.com/black-owned-businesses-suffering-at-alarming-rate-compared-to-white-owned-business/ | Article may or may not reflect the views of KLEK 102.5 FM or The Voice of Arkansas Minority Advocacy Council

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