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Friday, 29 March 2024

Black-owned business lag behind in loan, grant support during pandemic

Credit: WCPO Cincinnati
Duration: 02:16s 0 shares 1 views

Black-owned business lag behind in loan, grant support during pandemic
Black-owned business lag behind in loan, grant support during pandemic

Dozens of Black business owners who responded to the latest survey by the Greater Cincinnati and Northern Kentucky African American Chamber of Commerce said they are in need of more aid money amid the COVID-19 pandemic and Black Lives Matter protests that have fueled the recent economic downturn.

EXPLORING HOW BLACK-OWNEDBUSINESSES ARE DISPROPORTIONATELY CHALLENGED BY THEHARDSHIP RESULTING FROM THEPANDEMIC AND RECENT PROTESTS.OUR MONIQUE JOHN SPOKE WITHTHE HEAD OF THE AFRICANAMERICAN CHAMBER OF COMMERCE -FOLLOWING A RECENT SURVEY ONHOW business OWNERS ARE FARINGAMID THE ADVERSITY.THEY OFFERADVICE FOR THOSE WHO ARESTRUGGLING TO MAINTAIN THEIRBUSINESSES IN THESE UNFORESEENCIRCUMSTANCES.çVOÑDozens of Black businessowners who are responding tothe latest survey by theGreater Cincinnati andNorthern Kentucky AfricanAmerican Chamber of Commerce(AACC) say they need more aidmoney.Sixty-four percent ofrespondents say they didn'treceive any funds through thePaycheck Protection Program.Most did not receiveassistance from the EconomicInjury Disaster Loan or thelocally funded Push Grants,either.çSOT: ERIC KEARNEY,PRESIDENT & CEO, AFRICANAMERICAN CHAMBER OF COMMERCEÑ"PEOPLE ARE ANXIOUS FORECONOMIC ACTIVITY TORETURN.//MONEY'S NOT COMING INTHE WAY THAT IT WAS.

BUT BILLSARE STILL THERE."çVOÑ Overninety percent said they havebeen impacted by COVID-19.Another thirty-six percentindicated confirmed orpossible impact on theirbusiness as a result of theGeorge Floyd protests as well.Almost half of the respondentscould not operate theirbusinesses remotely.çSTAND-UPÑMany of the Black-ownedbusinesses in the Cincinnatiarea, like the one behind me,are small, often having fewerthan ten employees.

That, andissues such as not gettingcompensated in a fair andtimely fashion, are thingsKearney says now make blackbusinesses especiallyvulnerable.

çSOT: ERICKEARNEY, PRESIDENT & CEO,AFRICAN AMERICAN CHAMBER OFCOMMERCEÑ"THE VAST MAJORITY OFBLACK OWNED BUSINESSES AREUNDERCAPITALIZED.

SO YOU GOINTO THE PROCESS NOT HAVING ARESERVE THAT'S BIG ENOUGH TOGET YOU THROUGH TIMES LIKETHIS." çVOÑKearney advisesBlack-owned businesses tofight to stay open, and urgesthem to build strongrelationships with bankers,lawyers and accountants.

Healso advises owners tocommunicate with anyone theyowe money to.Getting on top ofthe technological trends thathave changed the course ofbusiness and allowed people tostay connected throughout thepandemic are key.

çSOT: ERICKEARNEY, PRESIDENT & CEO,AFRICAN AMERICAN CHAMBER OFCOMMERCEÑ"If your laptop oryour hard drive, whateveryou've got, is not meetingyour needs, you've got to getrid of it.

You got to get onboard.

I mean, you just haveto do it if you're going tostay in business." çVOÑMONIQUEJOHN.

WCPO 9 NEWS.

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