There’s still much New York City policymakers need to do to help the many minority-owned small businesses that hung on amid unprecedented challenges during the past year. But simply sustaining the firms that were disproportionately impacted by the pandemic will not be enough to ensure an inclusive recovery in New York. City officials should also take steps to help spark the creation of thousands of new Black- and Latino-owned businesses, and set them up to succeed.
Even before the pandemic, less than 10% of New York City’s businesses were owned by Black and Latino New Yorkers, despite their making up over half (51%) of the city’s population. The
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