Disparities in Small Business Dynamics by Race and Ethnicity before and after the COVID-19 Pandemic

Share of small businesses reporting lower revenues Share of small businesses reporting a reduced workforce Share of small businesses reporting a financial challenge Average share of business payments that are past due

UrbanInstitute

Source: Urban Institute analysis of data from the Federal Reserve’s Small Business Credit Survey 2021.

Note: The racial and ethnic labels in these charts align with the language used in the sources. However, we recognize the terms “Latinx” or “Latino” may be more inclusive of how some members of this group identify. We also recognize none of these groups are a monolith.

Source: Urban Institute analysis of data from Dun & Bradstreet.

Notes: The share of business payments that are past due refers to the ratio of dollars that are past their due date compared with the total dollars owed by the company that month. To conduct a robust time trend analysis, we selected only businesses with at least three monthly business trade payments due, which means we excluded very small businesses from the sample. The racial and ethnic labels in these charts align with the language used in the sources. However, we recognize the terms “Latinx” or “Latino” may be more inclusive of how some members of this group identify. We also recognize none of these groups are a monolith.