New York Fed study exposes ‘disturbing’ reality for black-owned firms

Black-owned business Covid
Palmer's Bar on the West Bank in Minneapolis, Minnesota is boarded with "Black Owned Business" signs - Lorie Shaull

Black-owned US firms went into the Covid-19 crisis with significant disadvantages, causing them to be twice as likely to go out of business, new research from the Federal Reserve Bank of New York finds.

The study finds a “disturbing relationship” between the areas worst impacted by the virus and the concentration of black-owned businesses, Claire Kramer Mills, assistant vice-president at the New York Fed, says in an accompanying statement.

The study also finds that many black-owned businesses

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