The unique COVID-19 challenges of Asian-owned small businesses

As small businesses look back on 2020 and forward into the rest of 2021, economic hope remains on the horizon — but fear and challenges still persist. Interestingly, these fears aren’t the same for everyone. According to the Federal Reserve’s 2021 Small Business Credit Survey, the most important anticipated challenges of small business owners differ by race and ethnicity. While credit availability is the top expected challenge for Black-owned businesses, Asian-owned businesses disproportionately cite a different one: weak demand. Why is this the case — and how can community banks help keep the doors of Asian-owned small businesses open?   [Continue]

‘The best year ever’ for small banks? Not so fast.

The Paycheck Protection Plan drove customers and revenue to community banks in large numbers last year, leading many to see 2020 as a banner year for small banks. With the second round of PPP in 2021, that trend should continue. But let’s not start celebrating yet. Banks that administered PPP successfully may enjoy gains for the short-term, but at what cost?  [Continue]