Finance and Lending
How To Level The Financial Playing Field For Women- And Minority-Owned Businesses
April 1, 2021 |
In this Forbes article, C2FO Chief Financial Officer Kerri Thurston offers hope that women- and minority-owned businesses will have more equitable opportunities in the coming years.
Over the past year, tens of thousands of small to mid-sized businesses in the United States have permanently closed due to the COVID-19 pandemic. Thousands more are on the verge of running out of cash.
A disproportionate number of those businesses are owned and operated by women and minorities. The U.S. Chamber of Commerce has reported that women business owners are less optimistic about the future than their male counterparts. From February to April 2020, there was a 41% drop in the number of Black-owned businesses and a 32% dip in Latino-owned businesses, compared to a 17% decline in white-owned businesses.
In a Feb. 26 article published by Forbes Finance Council, C2FO Chief Financial Officer Kerri Thurston addresses the inequity that women and minority entrepreneurs face when securing liquidity to fund and operate their businesses.
“While the pandemic and the social movements of 2020 have sparked many efforts among the government and banks to even the financial playing field for all businesses, the fact remains that if you’re a white male entrepreneur, you’re more likely to secure financing for your business than if you are a woman or a minority,” she writes.
However, there are many reasons to be hopeful that the status quo will not continue. Click below to read Thurston’s thoughts on how to level the financial playing field for women- and minority-owned businesses.