00:00We are speaking with Melanie Campbell, president and CEO of the National Coalition on Black
00:04Civic Participation and the convener of the Black Women's Roundtable.
00:09There are over two million Black women-owned businesses in the United States.
00:15The Black Women's Roundtable, we release an annual report on Women's History Month every
00:18year of Black Women in the U.S. It's a status report, you know, of sorts, a check-in on
00:25the status of Black women across various aspects of our lives.
00:30And this year's report showed that the number of Black women-owned businesses has grown 50%
00:38over the last five years, which is great, yet it's compared to 21% for overall women-owned
00:46businesses.
00:47At the same time, though, Black women-owned businesses only generate an average of $28,000
00:55in annual sales.
00:58Black women-owned businesses also tend to be small businesses that hire more Black women
01:06and men and people of color at a higher rate than other businesses.
01:13The provisions in the CARES Act that allow the Small Business Administration to provide
01:20assistance to small businesses is critical for Black women-owned businesses and our community.
01:28The assistance will help to sustain the economic stability for not only Black women-owned businesses,
01:38minority women-owned businesses, but our communities as well.
01:42Black women tend to be heads of household.
01:45We are entrepreneurs, not just because we want to be in business, but it's a way for us
01:50to survive, to generate the kinds of income needed to build wealth in our community.
01:57So, many times, we are entrepreneurs by necessity.
02:02Black women-owned businesses already do not get the capital investments that other businesses
02:10get.
02:11So, Black women are many times bootstrapping their businesses with money from their savings
02:18and investments to sustain their businesses.
02:23So the provisions of the CARES Act that provides for loan forgiveness can shift the tide for Black
02:28women business owners from total loss to some level of economic security in these very uncertain
02:35times due to the coronavirus pandemic.
02:39So, we believe that the CARES Act is a lifeline for small businesses, Black women-owned businesses,
02:50most especially, and to get us through this time.
02:56Thank you so much, Melanie.
02:57You know we've partnered on Power of the Sister Vote, and I always enjoy hearing what you have
03:01to say.
03:31Good evening.
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