WASHINGTON, D.C. - September 22, 2020 – Hispanic small business owners have been especially impacted by COVID-19 due to lack of childcare, remote work and direct relationships with those diagnosed with the virus, according to new survey data published by SCORE, the nation’s largest network of volunteer, expert business mentors. This data report and accompanying infographic are released in honor of National Hispanic Heritage Month (Sept. 15 – Oct. 15) and National Small Business Week (Sept. 21-25).
Hispanic entrepreneurs are the fastest-growing segment of business owners in the U.S. While the number of Hispanic-owned small businesses has been increasing since 2013, data shows that minority-owned small businesses, specifically, Hispanic- and Black-owned small businesses, have been disproportionately affected by the COVID-19 pandemic.
“In this fifth edition of The Megaphone of Main Street data report, we explored how the pandemic has impacted small businesses, with a specific focus on Black and Hispanic-owned businesses,” said SCORE CEO Bridget Weston. “We also recently launched the Hispanic Small Business Hub to better support our nation’s 4.6 million Hispanic-owned small businesses. SCORE understands that a thriving, healthy eco-system for minority-owned businesses is crucial for broader economic growth and opportunity.”
Key findings of COVID-19’s impact on Hispanic-owned small businesses include:
Click here to access full Megaphone of Main Street data report: The Impact of COVID-19.
Since 1964, SCORE has helped 11 million entrepreneurs to start or grow a business. SCORE's 10,000 volunteers provide free mentoring, workshops and educational services to 1,500+ communities nationwide, creating 29,681 new businesses and 67,706 non-owner jobs in 2019 alone. Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Instagram and Twitter.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.