It's new evidence that the pandemic has disproportionately harmed minorities.
Minority-owned small and medium sized businesses were more likely to close than the U.S. average, according to Meta's latest Global State of Small Business Report.The new research, released on Wednesday, adds to the evidence that the pandemic has disproportionately harmed minorities.26% of the minority-led businesses surveyed by Facebook-parent Meta in January reported being closed, compared to 19% of non-minority owned-businesses.
Black-owned businesses hit record levels of lower sales, with more than half reporting lower sales than in the previous year. Closure rates among women-led businesses rose to 25%, but there was no change in the 17% of men-led businesses reporting closure since the last survey in July 2021.54% of businesses surveyed globally reported higher or steady sales, marking the first time since the survey started in May 2020 that a majority of businesses did not have a reduction in sales.Meta surveyed 23,840 business leaders in 30 countries and territories, including 5,324 U.S. business leaders, in January 2022.
Our small business surveys have consistently found that women and minority-led businesses have been hit the hardest during the pandemic," Sheryl Sandberg, chief operating officer of Meta, wrote in aThe Omicron wave appears to have jolted the recovery of small businesses globally, with an average closure rate of 20%, up from 18% in July.
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