COVID-19 has had a large impact on Hispanic-owned businesses, with only 6.7% reporting profitability and growth.

SCORE’s latest infographic examines the challenges of Hispanic entrepreneurs during the pandemic.

This infographic highlights the findings of part 1 of “The Megaphone Of Main Street: The Impact of Covid-19” data report.

SCORE conducted research for this data report via an online survey administered to its small business clients in August 2020 with roughly 3,500 responses.

How would you describe your business now?

Profitable and Growing

  • Hispanic-owned businesses: 6.7%
  • Non-Hispanic White-owned businesses: 14.7 %

Not Profitable

  • Hispanic-owned businesses: 52.8%
  • Non-Hispanic White-owned businesses: 44.1%

Hispanic-owned businesses were more adversely impacted by remote work, COVID-19 infection and lack of childcare.

How much impact have the following changes had on your business since March 15, 2020? (% reporting large impact)

Need to work remotely

  • Hispanic-owned businesses: 33.2%
  • White-owned businesses: 25.1%

COVID-19 infection of you or your family

  • Hispanic-owned businesses: 29.2%
  • White-owned businesses: 20.5%

Lack of child care

  • Hispanic-owned businesses: 21.4%
  • White-owned businesses: 8.8%

Hispanic-owned businesses were more likely to seek – but less likely to receive – outside funding.

Delays for existing loan payments

  • 19.9% of White-owned businesses applied for delays, and 72.4% were approved.
  • 33.5% of Hispanic-owned businesses applied for delays, and 45.5% were approved.

Expanded lines of credit

  • 16.4% of White-owned businesses applied, and 32.7% were approved.
  • 30.5% of Hispanic-owned businesses applied, and 11.7% were approved.

New loans

  • 26.5% of White-owned businesses applied, and 54.2% were approved.
  • 46.7% of Hispanic-owned businesses applied, and 39.1% were approved.

New investors

  • 9.6% of White-owned businesses applied, and 13.3% were approved.
  • 28.4% of Hispanic-owned businesses applied, and 0% were approved.

Likewise, Hispanic-owned businesses were more likely to seek – but less likely to receive – government funding.

PPP (Paycheck Protection Program)

  • 47.8% of White-owned businesses applied, and 63.7% received the full amount.
  • 53.8% of Hispanic-owned businesses applied, and 36.8% received the full amount.

EIDL (Economic Injury Disaster Loans)

  • 44.3% of White-owned businesses applied, and 42.8% received the full amount.
  • 54.8% of Hispanic-owned businesses applied, and 22.2% received the full amount.

SBA loans

  • 19.5% of White-owned businesses applied, and 33% received the full amount.
  • 37.1% of Hispanic-owned businesses applied, and 13.7% received the full amount.

While you may be facing uncertainty, there is one thing you can be certain of: SCORE is here for you. Work with a SCORE mentor, and visit our Small Business Resilience Hub.

The Megaphone Of Main Street: The Impact of Covid-19, Infographic #1 - Impact on Hispanic-owned Small Businesses

Megaphone Of Main Street: Impact of Covid-19 Infographic #1- Impact on Hispanic-owned Small Businesses