The Newsstand April 2021

New Facebook Report Reveals COVID’s Impact on Female and Minority-Owned SMBs

The latest iteration of Facebook’s State of Small Business Report demonstrates the impact of the coronavirus pandemic on small businesses across the world. The COVID-induced shift to digital channels has changed people’s shopping behaviors, forcing businesses to adapt. Unfortunately, many small businesses did not have the resources to do so. Including responses from more than 30,000 small business owners, employees, and consumers, the report indicates that the economic impact of the pandemic has not been felt evenly.

“The report shows that female-owned small businesses are closing at a higher rate than those run by men – and this gap has increased since the start of the pandemic. Businesses in minority communities are also closing at a higher rate than others and have seen a steeper drop in sales, too.”

However, there is a silver lining. “As of December 2020, fewer businesses were closed (25%) relative to April (31%), with some SMBs that were previously closed able to reopen in recent months.” You can read the full report here.

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