Minority-led businesses in Detroit—especially small businesses and microenterprises—shape their neighborhoods, support local employment, and promote wealth accumulation in their communities. These firms face unequal access to capital in normal times. But how did they cope during the pandemic?

Join us for a virtual event where we will explore the preliminary findings from a recent survey of minority businesses in metro Detroit. We will highlight the experiences of minority business owners in accessing needed capital and financing both before and during the pandemic. We will also examine how these small and micro businesses fared during the pandemic and their near-term outlook.

The survey discussion will be followed by a panel of Detroit thought leaders who will consider the implications of the preliminary survey findings and how policies may need to adapt to meet the needs of minority businesses.

In this one-hour virtual convening, experts will discuss:

• How have small and micro businesses in Detroit been impacted by the pandemic?
• What are the internal and external barriers survey respondents have identified in accessing capital?
• What policies are needed to deal with the funding barriers?
• What can government, financial institutions, and businesses do to promote equitable access to capital?

This forum is part of Project Hometown, a Chicago Fed initiative created to better understand the challenges facing the people and communities we serve. Through these discussions, we examine how our hometowns can recover from the pandemic, overcome longstanding inequities, and grow stronger. Project Hometown supports our commitment to a strong, stable, and inclusive economy and financial system for our region and nation.

Event Summary