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Transcripts For CSPAN2 Hearing On Coronavirus Pandemic Access To Financial Services For... 20240712

Chambers testify about their concerns. From february until april of 2020. But the closure rates for minority owned businesses are significantly higher with 41 of blackowned businesses, 32 of latino acts owned businesses and 22 of asian businesses. They closed over the same time frame. Now, in april of this year the federal return bank of new york reported that minority and women owned businesses are significantly more likely to show signs of limited Financial Health and are twice as likely to be classified as at risk for distress then nonminorities Small Businesses. Further, companies are three times likely as healthy businesses to close because of [inaudible]. The pcp program established under the cares act and administered by the Small Business administration and treasury as funding lifeline for distressed businesses ....

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Entrepreneurs of Color Are Less Likely to Turn a Profit

Entrepreneurs of Color Are Less Likely to Turn a Profit
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Doug Ryan , Department Of Commerce , Capital Readiness Program , Minority Business Development Administration , Mckinsey Co , Us Treasury Department , Federal Reserve Survey , Prosperity Now , Former Entrepreneurs ,