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Being a Small, Minority Owned Business During Covid19: The Backbone of the U.S Economy

Updated: Dec 13, 2020

The coronavirus pandemic has put tremendous strain on businesses nationwide, with minority-owned and small businesses feeling the brunt of the economic decline in consumerism.

Despite this strain, these businesses have been pioneers in showing how US businesses have adapted in the wake of COVID-19.

Experimenting with ways to keep within government guidelines, working to ensure employee and customer health and safety.

These companies have been displaying great ingenuity to adapt to this new environment.

It is paramount to support these minority-owned businesses to stimulate growth within the communities, contribute to a diversifying the economy.

A recent study done by McKinsey & Company shows of over 1,000 small businesses nationwide, forty percent being minority owned, have added additional services and safety precautions to their business practice.

Compared to 27 percent of all business respondents, this shows how small businesses are essential to their communities.

Small businesses generate the majority of jobs in the U.S. According to the Small Business Administration, small companies create 1.5 million jobs annually and account for 64 percent of new jobs created in the U.S. (Fundera, 2019).

Having more interpersonal relationships with their customers and employees, these companies make up a huge part of the economy.

In 2019 it was reported that over thirty million small businesses in the U.S accounted for 99 percent of all U.S businesses (SBA, 2019).

These business are paramount to maintaining a steady and diverse economy, by choosing to support them through becoming regular customers, and choosing to buy their goods and precure their services are helping the U.S economy stay steady during these uncertain times.

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