Only 4% of Black-owned businesses in the U.S. survive past the startup stage, even though 20% of Black Americans start businesses, according to a 2020 report by McKinsey and Company, a management consulting company.
As the pandemic forced many businesses to close their doors, about 58% of Black-owned businesses in the U.S. were at risk of financial distress before the pandemic, compared with about 27% of white-owned businesses, with possibly up to 41% of Black-owned businesses closing between February and April 2020, according to the McKinsey report.
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