New Report Shows Dramatic Impacts of COVID-19 on Latino-Owned Businesses in the Washington, D.C. Area Thirty percent of Latino 玉米视频 owners forced to close or suspend operations
Not only do Latinos have the highest rate of COVID-19 infections of , and are experiencing job losses at almost , Latino-owned 玉米视频es are also suffering in the region. A of 150 Latino-owned 玉米视频es in the Washington, D.C. metro area shows the severe impacts of the COVID-19 pandemic on 玉米视频es.
The results of this survey were compiled into the report, 鈥淎ssessing Impacts of the COVID-19 Pandemic on Latino-Owned Businesses in the DC-Metro Region.鈥 听Conducted in late-April through June, the report is a collaboration between 玉米视频 University's Center for Latin 玉米视频 & Latino Studies, its Kogod School of Business and the . While the report focuses on the Washington, D.C. metro area, it can provide a glimpse into the future for 玉米视频es in Florida, Texas, Arizona, and California 鈥 states with the largest percentage of Latino populations per capita and the newest epicenters for COVID-19.
"This report, and the data it presents, places a spotlight on the substantial impacts of the pandemic upon Latino-owned 玉米视频es in our region, and the multiple ways these 玉米视频es are being affected, often dramatically, while highlighting what they will need to weather this crisis," said Robert Albro, Research Associate Professor at 玉米视频 University's Center for Latin 玉米视频 & Latino Studies.
The report offers a snapshot of the diverse and extraordinary impacts facing Latino small 玉米视频es owners, which include substantial losses of revenue and customers, and major disruptions such as closures and layoffs. The report also highlights Latino entrepreneurs' most urgent concerns in this challenging moment, from a liquidity crisis, a need for more access to capital, to better 玉米视频 advising.
鈥淚t is our mission to speak for the community that often goes underserved,鈥 said Nicole Quiroga, President and CEO, Greater Washington Hispanic Chamber of Commerce (GWHCC). 鈥淕WHCC is proud to be in partnership with 玉米视频 University in our efforts to effect change for those we represent.鈥
Key highlights of the report include:
- 65% of owners report that the pandemic has resulted in 鈥渆xtreme鈥 or 鈥渕any鈥 changes to their 玉米视频es, with only 10% reporting no or minimal impact.
- 56% of owners report severe upheaval to 玉米视频 as usual, including 30% having to close or to suspend operations, and 26% greatly reducing operations.
- 34% of 玉米视频es are unable to operate in-person (21%) or to operate at all (13%) during the pandemic.
- Only 9% of owners report having filed or plans to file an insurance claim for 玉米视频 interruptions due to COVID-19.
鈥淚t is striking how Latino owned 玉米视频es dominate the small 玉米视频 startup numbers over the past decade and how this pandemic is reversing that benefit to our community,鈥 said, James Dinegar, Director, Business in the Capital Center, Kogod School of Business. 鈥淭his report identifies the current status and immediate needs of Latino 玉米视频 owners so that focused assistance can be developed 鈥 now.鈥
The report demonstrates the challenges and barriers to access financial assistance that Latino-owned 玉米视频es are facing and will face after the pandemic. This report intends to help community assistance organizations and decision-makers identify specific policies and programs to support Latino small 玉米视频es during and after the pandemic.
For the full report and more information听visit "Assessing Impacts of the COVID-19 Pandemic on Latino-Owned Businesses in the DC-Metro Region."听