A new report provides a snapshot of the devastating early economic impacts of the pandemic on Denver’s emerging businesses and low-wage and minority workers.

Findings are based on data collected by Mi Casa Resource Center (MCRC) during a comprehensive needs assessment conducted last month with 800 established small business owners, early-stage micro-businesses and low-wage workers in the Denver Metro area.

Salient findings include:

  • The most vulnerable workers receiving furloughs or pink slips are those earning the lowest wages, with the lowest level of formal education;
  • Over half of emerging small businesses have been negatively impacted by COVID-19;
  • 39% of emerging businesses report they have lost business because of measures taken to curb the spread of the virus;
  • 16% report their business is on the brink of failure due to the pandemic; and
  • Workers and entrepreneurs already in a precarious economic position have been the most impacted.

“It’s a grim and unequal picture,” says Monique Lovato, CEO of Mi Casa Resource Center. “We’ve seen data nationally that show the pandemic is having a disproportionate impact on the health and finances of Latinos and African Americans — and it’s clear from these findings this is also true in Colorado with women taking a particularly hard hit.”

Even as the economy sheds millions of jobs, the report offers glimpses of shifting opportunities that are emerging for displaced workers and entrepreneurs.

Findings underscore the need for employers, training organizations, higher education, government and funders to think creatively about supporting a pivot toward sectors that are more stable or able to grow in a COVID economy.

Read the executive summary or the full needs assessment and findings report here.

 

Media Coverage:

The Sentinel: Business Pathways’ graduate, Angela Ray of Taste the Love BBQ, “BURNT ENDS: KC style BBQ caterer trying for something sweet out of bitter pandemic economic crisis”

Channel 7: Angela Ray, Owner of Taste the Love pivots to stay in business

Channel 7: Minority Owned Businesses, Pandemic Heightens Racial and Socioeconomic Divide

Cobertura mediática

Univision: Impacto en las pequeñas empresas durante COVID-19

Noticias http://micasaresourcecenter.org/data-report-covid/img_2863/Ya: ORGANIZACIÓN AYUDA A LOS MÁS AFECTADOS POR LA PANDEMIA

 

The analysis was performed by Centennial-based Marzano Research.