Pandemic Worsens Minority Business Challenges, Pai Tells Diversity Event
The COVID-19 pandemic is an economic and public health challenge, with small businesses -- especially minority-owned ones -- bearing the brunt, Chairman Ajit Pai said Friday at an FCC tech supplier diversity event. (See also his prepared remarks). Black-owned businesses…
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are shutting down at twice the rate White-owned businesses are, and the pandemic exacerbated preexisting issues like a lack of access to capital, he said. Much of the virtual showcase was an explanation of such resources as the Small Business Administration's. Melissa Bradley, founder of Washington startup accelerator 1863 Ventures, said there are other grant programs, though there's no good way of tracking them. They often are narrow in scope and focus on an underserved neighborhood or geography, she said. Sonja Wells, interim chief lending officer for Black-owned City First Bank, said it did about $32 million in Paycheck Protection Program loans, and could have done more. She said minority businesses often aren't as prepared with required documentation, such as audited financial statements, as they should be when applying for funding. In a discussion about available funding for LGBTQ-owned businesses, National Urban League Senior Vice President-Policy and Advocacy Clint Odom said lawmakers are listening to constituents more closely about social justice issues and "need to hear from you about such issues." Internet Association interim CEO Jon Berroya said a second benchmark survey on workforce data for companies in the internet industry is being prepared.