Most Minority-Owned NYC Businesses On Brink Of Collapse: Survey

New York City NY

12 April, 2021

4:25 PM

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NEW YORK CITY — Most minority-owned small businesses in New York City could close their doors this year after the devastating coronavirus pandemic, a new survey found. The 131-business survey by the nonprofit LISC NYC found that 90 percent of minority owners said their businesses won't last six months if they don't get financial relief. One in five said they'll close in three months without help. "To see so many of these minority-owned small businesses on the brink of collapse should be of grave concern to anyone hoping for economic recovery anytime soon," Valerie White, executive director of LISC NYC, said in a statement. "These businesses make up the backbone of communities across the city, and if these small businesses don't survive the pandemic, then countless New York City commercial corridors and neighborhoods will continue to suffer." The pandemic heaped hardship after hardship onto the city's small businesses, leaving commercial corridors dotted with vacant storefronts, threatening the city's once-vibrant restaurant industry and created skyrocketing unemployment. Mayor Bill de Blasio and city officials have focused resources on helping women- and minority-owned businesses as part of a wider recovery effort for the city. The survey indicates those businesses have a tough road ahead. More than half — 53 percent — of minority-owned businesses surveyed couldn't afford to pay any February rent, the survey found. And roughly 73 percent of owners surveyed said they were concerned about being forced to close this year without help, according to the study. Read the full study here.