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Opinion: If you own little, many banks view you as a high risk. And we wonder why access to capital is so difficult for so many people of color.

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Photo by Christina @ wocintechchat.com on Unsplash

As small businesses grasp at straws and apply for every grant, loan, and funding opportunity that exists to stay afloat, we are in real-time seeing the decimation of them in our communities.

The devastation is affecting Black and brown business owners in massive numbers, with 41% of Black businesses closing due to COVID-19, compared to 17% of white business owners, according to a study by the National Bureau of Economic Research.

When we think about the system that causes this disparity, we often blame the individual.

“They weren’t savvy enough to save their money.”

“Why don’t they have a rainy day fund?” …

About

Jenny Poon

CO+HOOTS Coworking founder, ranked No.4 coworking space in USA. Entrepreneur, designer, journalist. Phoenix Business Journal’s Business Person of the Year 2016.

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