Project DEEP

Businesses owned by women and people of color represent the fastest growing sector of business in the nation. Even though they faced more closures during the last recession, from 2007 to 2011, businesses owned by women and people of color added 1.8 million jobs, while businesses owned by white men lost 800,000 jobs.

These same businesses appear to be suffering more during the pandemic. Nearly 7.5 million small businesses in America are at risk of closure within the next five months. Taking a look at small business ownership and employment by sector, we see higher rates of businesses owned by women and people of color in the areas hit hardest by the Covid-19 crisis: hospitality, leisure and retail. 

As we begin to reckon with post-Covid-19 recovery, supporting small businesses owned by women and people of color stands to help drive economic resiliency and longer-term development.

Read the full article by Sorenson Impact’s Kyra Clarke and Peri Brimley on Forbes here.