There is no doubt that the COVID-19 pandemic had a disproportionately negative impact on Black-owned businesses. The numbers tell the story. According to SCORE’s Megaphone of Main Street: Impact of COVID-19 Report issued in the Fall of 2020:
During the pandemic, only 8.8% of Black business owners considered their businesses to be “profitable and growing” while 56.3% deemed their business to be “non-profitable.” This is compared to 14.7% and 44.1% of white business owners, respectively.
Black-owned businesses were more likely to seek – but less likely to actually receive – outside funding. White business owners (54.2%) are more than twice as likely to receive new loans compared to Black business owners (22.3%). Meanwhile, 31.6% of Black business owners sought new investors while only 9.6% of white business owners reached out to secure funds from new investors.
In the summer of 2020, the Small Business Administration released data that revealed that, of the 14% of businesses who applied for Paycheck Protection Program (PPP) loans and who indicated race on their application, Black-owned businesses obtained less than 2% of those loans (1.9%) as compared to 83% which went to white-owned businesses.
However, despite these challenges, Black business owners are almost twice as likely as white business owners to report being “very optimistic” regarding the future growth of their business (by a 36.1% to 18.7% margin).
SCORE, the largest network of free volunteer small business mentors in the nation, is committed to supporting Black-owned business as they work to rebuild their companies in a still-emerging post-COVID 19 environment. SCORE has worked with a number of Black business owners who are eager to share their stories of how they navigated the pandemic, and how they are preparing to thrive. Moreover, SCORE executives are also available to discuss their efforts in helping small businesses as part of an American economic recovery.
It will take a small army of business mentors and experts to help America’s small businesses build back from the ravages of the COVID-19 pandemic – and SCORE is issuing a broad call for additional volunteers to help.
“We are seeing an unprecedented need for mentoring and expertise as small business owners and entrepreneurs reach out for advice and support to grow their businesses,” said SCORE CEO Bridget Weston. “That’s why we are issuing a national call for volunteers to support our diverse client base.”
Giving back can mean a lot to a volunteer, just ask Tereance Moore, of Hagerstown, Maryland, who volunteers with SCORE.
“I volunteer with SCORE because I learned far too many lessons the hard way as a business owner,” said Moore. “I’m the owner of two LLCs and the co-founder of two nonprofits. I also serve on eight different boards and committees across Maryland.”
Moore says people should not struggle alone to grow the business of their dreams. “There are too many people unaware of SCORE’s benefits—and far too many who believe it doesn’t exist to serve them, which is the furthest thing from the truth.”
Volunteer roles and opportunities include:
- Subject Matter Expert – Volunteer 2-10 hours per month and consult with mentors and business owners to answer questions in your area of expertise. Share your know-how and professional knowledge in e-commerce, accounting, human resources or information technology and be an invaluable resource for small business owners.
- Local workshop presenter – Share your mastery of a business topic or strategy and deliver locally-developed business training for small business owners. The time required can be as little as 2-10 hours for each presentation.
- Business mentor – SCORE mentors provide hands-on assistance to local small business owners or aspiring entrepreneurs, helping develop business plans and a roadmap for growth. Mentors have excellent interpersonal and communication skills, as well as broad and expert experience as a business owner or upper-level manager. This role requires training and then 15-20 hours per month of volunteer time.
To volunteer, apply today at score.org/volunteer. Your local SCORE chapter will reach out to learn more about you and to share information about onboarding and training.
About SCORE
Since 1964, SCORE has helped 11 million entrepreneurs to start or grow a business. SCORE’s 10,000 volunteers provide free mentoring, workshops and educational services to 1,500+ communities nationwide, creating 45,027 new businesses and 74,535 non-owner jobs in 2020 alone. Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Instagram and Linked
Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.