The 12 Federal Reserve Banks will release the “2021 Report on Firms Owned by People of Color” at 11:00 AM EDT on Thursday April 15.
The reportis an analysis of data gathered from a national survey of small businesses conducted by the 12 Federal Reserve Banks. This upcoming report draws on data collected from the latest Small Business Credit Survey: Report on Employer Firms, which was published in February of 2021.
The Report on Firms Owned by People of Color details the effect of the pandemic on small businesses owned by people of color, highlighting those owners’ expected impact on sales and demand for goods/services, their personal financial health, expectations of firm survival, the availability of goods and services through supply chains, and more.
The report also investigates financing approval rates for small businesses from a variety of lenders and how access to government aid through the Paycheck Protection Program varied by the race/ethnicity of the firm owner. It offers detailed insight into which types of lenders business owners of color approached for funding, how much they sought and received, and the financing challenges they anticipate over the coming year.