Survey of black business owners during COVID-19 launched

FACT FINDING: Survey aims to find out the concerns of black business owners during the pandemic

A SURVEY has been launched to identify some of the key areas of concern for black and minority ethnic (BAME) business owners during the coronavirus crisis.

The survey, the first of its kind, was launched by Extended Ventures, a team of serial entrepreneurs, strategists, investors and bankers who focus on providing access to funding for underrepresented entrepreneurs and founding teams.

BAME business-owners are being invited to take part in the survey an it is hoped that the information collected will help them navigate some of the challenges that the pandemic has brought.

It also seeks to understand how companies’ financing needs have changed and how effective they have found the government’s support packages.

Erika Brodnock, head of research at Extend Ventures, said: “Our communities have been disproportionately impacted by Covid-19, in terms of health outcomes and the threat to organisations serving our community, but there has been no comprehensive assessment of the black business landscape.”

In the United States, Congress authorized $660 billion in federal emergency loans to small businesses through the Paycheck Protection Program, or PPP.

However a second round of funding, administered by the Small Business Administration, included $60 billion for minority owned businesses after many struggled to secure loans the first go-around.

[Via The Voice Online]