Providing Equitable Access for Black and Latinx Entrepreneurs

“Without equitable access, the future of many Black and Latinx-owned businesses — and millions of jobs — hang in the balance.” 

Did this get your attention? Then you should check out this segment with my colleague Lee Henderson, who speaks frankly about how this challenging point in time has underscored the severe inequalities faced by Black and Latinx entrepreneurs, who have been especially impacted by COVID-19.

The frightening reality is that the US lost more than 450,000 Black-owned businesses in the last few months amid COVID-19 lockdowns. Further, 44% of Black-owned companies and 48% of Latinx-owned businesses are not able to pay daily expenses during the pandemic, versus just 26% for non-minority companies.

Lee talks about how the pandemic exposed persistent inequalities that have not only existed for far too long, but are now worsening. As challenging as this crisis has been, it has only exacerbated multi-generational disadvantages that have kept the playing field unequal. This must change.

Entrepreneurs are needed now more than ever. They drive innovation, create market opportunity and employ millions. Their contributions to the economy are outsized, so the support they receive also needs to be outsized. But to be effective, we must tackle the systemic disadvantages faced by minority entrepreneurs, most notably Black and Latinx business owners.   

To address this head on, we’re introducing EY’s Entrepreneurs Access Network, which is an immersive educational program and evergreen community that will elevate scalable Black and Latinx owned companies with exposure to our entrepreneurial ecosystem, introducing them to resources as well as investors. Our program is designed to address social and financial barriers to help these underserved businesses grow and transform.

The importance of providing support to Black and Latinx entrepreneurs can’t be overstated. Join us and be a force for change. Their spirit of entrepreneurship cannot be denied – and must burn brighter than ever before.

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