“Minority-owned small businesses are the lifeblood of their communities,” testified James. “The pre-pandemic 1.1 million minority-owned small businesses employed more than 8.7 million workers and annually generated more than $1 trillion in economic output. Women own nearly 300,000 of them, employing 2.4 million workers. Despite their significance, these businesses face underlying challenges that make them vulnerable during normal times.”
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