Lack of capital remains one of the major challenges facing minority-owned businesses in Boston, according to members of a forum held Monday night at Darryl's Corner Bar and Kitchen on Columbus Avenue."In many cases, an assignment doesn't pay for three months," said Darryl Settles, owner of the restaurant and an advocate for minority-owned businesses in Boston. "In those 12 weeks, you still have to pay your employees, so you run through your line of credit, you run through your savings, and then you're done."
He said the number of minority-owned businesses has been on decline for some time, and improving access to capital is a significant way to help improve those numbers. "That applies whether you're white, black, blue or green," he added.
Mukiya Baker-Gomez, a compliance manager for the state's Division of Capital Asset Management, said it's also about connecting minority entrepreneurs with the information and resources they need. "It doesn't have to be a mystery," she said.
Panelists called upon more minority business owners to hire minorities, whom they said are still struggling to recover from the Great Recession that began in late 2007.
Settles pointed to statistics that indicate that black families lost 27 percent of their wealth and Latino families lost 41 percent during the recession, while white families lost about 6 percent. He said more minority-owned businesses can help families rebuild that wealth.
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