Supplier Diversity Programs Are Failing Black-Owned Businesses

Black-owned business continue to suffers from negative during the ongoing COVID-19 pandemic.
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Black-owned business continue to suffers from negative during the ongoing COVID-19 pandemic.

One of the defining characteristics for corporate America in 2020 was a surge in expressions of support for Black Americans.

In the wake of George Floyd’s killing and the Covid-19 pandemic’s disproportionate toll on communities of color, businesses raced to announce a slew of programs and initiatives to address inequality. In many cases, these came in the form of promises to support Black-owned businesses by stepping up their supplier diversity programs.

Unfortunately, these promises often did not produce the intended results. More than half (53%) of Black business owners report that their revenue dropped by at least half since the pandemic began, compared to 37% of white owners, a recent survey found. Another poll found that minority business owners are more likely to have to lay off employees or close altogether.

The failure to adequately support minority-owned businesses hurts the entire economy. Achieving revenue parity between Black-owned and white-owned businesses would add an estimated $290 billion to the economy, McKinsey reports.

Read rest of story here.

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