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By Chris Wheat, Chi Mac, and Nicholas Tremper, JPMorgan Chase
Small business ownership is commonly thought to not only be a vehicle for financial stability and wealth building, but also a way to close the racial wealth gap. Small businesses are known to be a key component of the small business owner’s financial wellbeing (Gentry and Hubbard 2004), but it is not at all clear from current evidence that small business ownership alone closes the wealth gap. In fact, recent studies have shown that Black- and Latinx-owned small businesses have lower revenues, profit, and cash margins (Farrell, Wheat, and Mac 2020; Fairlie and Robb 2008); are more likely to close and have fewer employees (Fairlie and Robb 2008); and have less access to credit (Federal Reserve System 2017) than White-owned small businesses. Sufficient revenues and profit, the ability to hire employees, and access to credit are some key components of a wealth-generating small business, and racial disparities among these su
Airbnb
2020 commitment: Airbnb said it would donate a total of $500,000 to the NAACP and the Black Lives Matter Foundation. It also said it would match employee donations to both groups.
The company also said that by the end of 2021, 20% of its board of directors and executive team collectively would be made up of people of color. By the end of 2025, Airbnb said, its goal is to have 20% of U.S. employees be underrepresented minorities and for 50% of global employees who identify in the gender binary to be women.
Airbnb also said each member of its executive team would create and share a detailed plan to meet those goals with their teams.
Innovative Lending Platform Association promoting transparency
A representative of one of the founding companies behind the Innovative Lending Platform Association said their efforts are helping consumers make sense of what can be a confusing sea of lending options.
OnDeck vice president of external affairs and general counsel Daniel Gorfine said OnDeck, Kabbage and Can Capital came together in partnership with with the Association for Enterprise Opportunity to help small business owners make apples to apples comparisons between a variety of products, each with their own merits and situations where they are the best options for customers. Daniel Gorfine
“There are lots for products which serve the needs of small business owners, but all have different characteristics,” Mr. Gorfine explained. “The way they are explained and their pricing metrics presented are done in different ways.”
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