In the midst of the coronavirus pandemic, many business owners are fearing for their future. These worries are especially pronounced in the state’s black neighborhoods. A survey conducted by the Black Economic Council of Massachusetts (BECMA) found that 90% of respondents are currently experiencing a somewhat to severe negative financial impact due to the crisis.
The survey, published last Thursday, highlighted the often-debilitating effects that the outbreak has had on black-owned businesses.
“Black businesses were already in a precarious position prior to the start of the COVID-19 pandemic,” the report states. “The current crisis has devastated an already hampered business community.” The report notes that without protection efforts, many businesses will suffer long-term consequences.
“The black business community is in dire straits right now,” BECMA Director Segun Idowu told the Banner.
Idowu added that many black businesses lacked stable investments from the city or state. Now, he said, many businesses won’t last 90 days.
The report surveyed 71 business owners, said Idowu, more than a quarter of BECMA’s membership. Sixty-eight percent of respondents said that there would be a significant or severe financial impact on their businesses, with a majority saying that their businesses wouldn’t last more than six months and 47.4% predicting that their businesses would not survive longer than three months. Thirteen percent of respondents noted that their businesses wouldn’t survive at all.
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Source: Bay State Banner