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研究 小企业主种族、流动性和生存

小企业成果中的种族差异

The contributions of the small businesses sector to the U.S. 经济通常在经济增长时期被注意到, and the fragility of the sector is a core focus of policy in an economic downturn. Black-owned businesses and Hispanic-owned businesses comprise a substantial and growing share of the sector, and understanding racial gaps in small business outcomes is an important part of formulating policies. It’s also critical to understanding the extent to which the sector can deliver broad-based growth during an expansion, or where to focus policy attention and resources during a downturn, yet little recent data exists on differences in financial performance and small business survival 按船主种族划分.

This report attempts to fill this gap by leveraging voter registration data from Florida, 乔治亚州, 和路易斯安那州制作了近150份样本,000个小型企业,拥有自我认定的所有者种族. We use this new data asset to inform differences in small business financial outcomes – revenues, 利润率, 现金流动性 – and small business survival 按船主种族划分 from 2013 to 2019.

Our findings suggest that Black-owned businesses and Hispanic-owned businesses may be disproportionally affected during economic downturns, such as the one resulting from the 2020 新型冠状病毒肺炎 pandemic, though support to these businesses through liquid assets and access to markets could materially support their survival. 此外, while these findings highlight racial gaps in small business outcomes and suggest that opportunity for the sector to deliver substantial wealth creation to Black and Hispanic families may be limited, 针对小型企业的政策, 拥有年轻老板的企业, and businesses owned by women may best support broad-based growth during a recovery.

找到一个: Black- and Hispanic-owned businesses are well-represented among firms that grow organically, but underrepresented among firms with external financing.

业主竞争的小业务部门 

发现二: Black- and Hispanic-owned businesses face challenges of lower revenues, 利润率, 现金流动性.

Median revenues for small businesses in the 2013-2014 cohort, 按船主种族划分

发现三: 黑人老板的公司, 尤其是35岁以下的车主, 最有可能在前三年退出吗.

Share of firms exiting in the following year, 按船主种族划分 and age group

发现四: Black- and Hispanic-owned businesses with comparable revenues and cash reserves are just as likely to survive as White-owned businesses.

Shares of firms in year 3 exiting in the following year

发现五: Racial gaps in small business outcomes are evident across cities, even in cities with large Black or Hispanic populations.

Median cash buffer days of small businesses in 2019, 按船主种族划分

作者

气Mac

小企业研究主管

法雷尔

开国和前总统 & 首席执行官