The Roanoker January/February 2022 - 38

Fighting
Against
the Odds
written by Dan Smith
If being Black isn't enough to hamper business owners,
here comes COVID-19 to decrease the odds of success
even further. But Roanokers are battling back.
I
t has been an especially difficult
two years for African American business
owners and the stats only tell part of the
story.
Consider that between February and
April of 2020, Black business ownership fell
by more than 40% nationally. Nearly 60% of
Black-owned businesses faced financial hardship
before the COVID-19 pandemic even
began, more than double that for white-owned
businesses.
Despite the grief, according to Gradient
Financial, African American owners are
content; 70% say so. And more than 70% say
they are profitable. Score.org says Black women
lead the way. They represent 40% of new businesses
owned by women.
But the rub remains: Gradient reports
that-COVID or no COVID-fewer Blackowned
businesses are approved for financing
and when they are, the amounts are lower and
38 JAN/FEB 2022
at a higher interest rate. The report concludes,
" Without the funds to invest in as many
resources as other businesses, ... attracting
clients becomes exponentially more difficult. "
Less than 30% of Black owners have been
given Paycheck Protection Plan (PPP) loans,
compared to 60% of white applicants.
Trish White-Boyd, Roanoke's vice mayor
and owner of Blue Ridge Senior Services,
says that statistic " does not surprise me. We
have to put a lot of energy into [the business].
We really have to be focused and know what
we're doing because we don't have access to the
resources others have.
" Whatever happens, we have to make it
happen. There is still a huge wealth gap. It
will take 20-40 years before we are equal-if
that ever happens. It won't happen in my lifetime
and that's one reason I'm campaigning
[for re-election] on that issue. Black women
are outperforming the market, but the wealth
gap persists. "
Diane Speaks, owner of She's International
on the Roanoke City Market, says, " Black small
business owners were disproportionately less
likely to survive the pandemic than any other
racial group. I, like most Black business owners,
have no generational wealth.
" The significant loss of Black businesses is
not only devastating to the owners and their
employees, but also to the community as a
whole. The lack of the presence of Black-owned
businesses is more upsetting for our community
than the closing of a multimillion-dollar
business. We are not just business owners, but
role models for our communities. When Black
businesses close, a light in the community dies. "
" Struggle " is the name of the game in small
business, but it is spelled with capital letters
for those who are African American. Roanoke
has a small, but rich and diverse Black business
community and recently the Chamber of
TheRoanoker.com
DAN SMITH
http://www.Score.org http://www.TheRoanoker.com
The Roanoker January/February 2022

Table of Contents for the Digital Edition of The Roanoker January/February 2022
