New Report Shows Dramatic Impacts of COVID-19 on Latino-Owned Businesses in the Washington, D.C. Area Thirty percent of Latino business 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 businesses are also suffering in the region. A of 150 Latino-owned businesses in the Washington, D.C. metro area shows the severe impacts of the COVID-19 pandemic on businesses.
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 海角换妻's Center for Latin American & 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 businesses 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 businesses in our region, and the multiple ways these businesses are being affected, often dramatically, while highlighting what they will need to weather this crisis," said Robert Albro, Research Associate Professor at 海角换妻's Center for Latin American & Latino Studies.
The report offers a snapshot of the diverse and extraordinary impacts facing Latino small businesses 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 business 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 海角换妻 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 businesses, with only 10% reporting no or minimal impact.
- 56% of owners report severe upheaval to business as usual, including 30% having to close or to suspend operations, and 26% greatly reducing operations.
- 34% of businesses 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 business interruptions due to COVID-19.
鈥淚t is striking how Latino owned businesses dominate the small business 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 business 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 businesses 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 businesses 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