In June, the Federal Reserve warned Congress in its biannual report that a large number of U.S. small businesses could fail.
For Black-owned businesses, however, this crisis could be especially catastrophic.
Access to capital can already be a challenge for small businesses, but especially those owned by people of color. They are more likely to lack the resources, capacity, and existing relationships to traditional lenders that larger businesses can turn to in a crisis, according to the D.C. Fiscal Policy Institute, a local think tank that advocates for widespread prosperity across the District through budget and policy recommendations.
The intention, according to the Deputy Director of D.C. Department of Housing and Community Development Sheila Miller, is to award the East of the River microgrant to “all eligible applicants.”
DCist/Aja Beckham and Matt Blitz