The COVID pandemic has been a perfect storm hitting the small and local businesses that make our neighborhoods and cities unique. It’s estimated that 200,000 more small businesses than normal shutdown in the last year, and that from February to April 2020, Black, Latinx, and Asian business ownership dropped 41%, 32%, and 26% respectively – all higher than the 17% decline of white-owned businesses. Combine that with Baby Boomer small business owners looking to retire in a coming “silver tsunami” and have no one to sell or hand their business to, an urgency to support economic recovery following the COVIDfueled economic crisis, and there’s a golden opportunity to encourage employee ownership of companies.
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