ABSTRACT

Access Denied: Challenges for Women- and Minority-Owned Businesses Accessing Capital and Financial Services During the Pandemic, Virtual Hearing Before the Subcommittee on Diversity and Inclusion of the Committee on Financial Services, U.S. House of Representatives, One Hundred Sixteenth Congress, Second Session, July 9, 2020   [open pdf - 12MB]

This is the July 9, 2020 virtual hearing on "Access Denied: Challenges for Women- and Minority-Owned Businesses Accessing Capital and Financial Services During the Pandemic," held before the House Subcommittee on Diversity and Inclusion of the Committee on Financial Services. From the opening statement of Joyce Beatty: "In today's hearing, we will discuss how easing impediments on African-American access to capital will result in economic and employment growth in minority communities, and in the United States overall, and examine the historical and systemic challenges faced by minority- and women-owned businesses, such as a lack of access to capital and systemic racism, and how those persistent challenges have led to closure at a disproportionate rate during the COVID-19 [coronavirus disease 2019] pandemic. Small businesses experienced a 22-percent closure rate as the result of the COVID-19 pandemic from February to April of 2020. But the closure rate for minority-owned businesses was significantly higher, with 41 percent of Black-owned businesses, 32 percent of Latinx-owned businesses, and 20 percent of Asian-owned businesses closed over the same period." Statements, letters, and materials submitted for the record include those of the following: Ron Busby, Carmen Castillo, Karen Kerrigan, and Jenell Ross.

Report Number:
Serial No. 116-102
Publisher:
Date:
2021
Series:
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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