2020 Small Business Impact ReportImpact Reports•Jan 20, 2021• 2 min read
A Hello Alice impact report summarizes the pandemic’s full effect on small business owners and uses survey data to forecast the landscape for 2021.
Titled “End-of-Year Report 2020: Small Business Insights from an Unprecedented Year,” this document is part of a series built on a growing dataset gathered from more than 100,000 applications to our Business for All grant program. Owners from all 50 states representing a diverse range of demographics have applied, providing an authoritative sense of pivots, capital needs, success strategies, and more.
Key data points include:
- 75% of small business owners say that the coronavirus pandemic has negatively impacted their businesses
- 84% want support from the government through emergency grants
- 33% say they need $10,000–$25,000 in capital for their business to survive
- 92% expect to hire in 2021
The report supplements these figures with owners who describe how last year’s events have affected their lives and businesses, including Duane Chan Shue of the New York City-based NBHD Brulee.
A coffee shop located in a former bodega, NBHD started with the dual purpose of serving Harlem’s finest coffee and adding a true “third place” for community gatherings. The cafe was just getting off the ground when stay-at-home orders and social distancing requirements forced sales to a halt. NBHD received a Hello Alice COVID-19 Business for All Emergency Grant to support operating expenses as it adjusts to public health requirements and explores new methods of reaching customers through social media.
The owner says his biggest hope for 2021 is to deliver on his commitment to Harlem.
“We serve our community with joy, bringing the traditional community feel and helping change the dynamic of the neighborhood,” says Chan Shue.
Action Plan: A Road Map for Continued Support
This report captures the prevailing optimism of small business owners in 2021. After surviving a historic year of shutdowns and uncertainty, most business owners plan to hire this year. They also expect their business to perform better in 2021 than in 2020.
Hello Alice will amplify its grant-giving operations to make these expectations a reality. With support from NAACP, BeyGOOD, eBay, DoorDash, and more, we are deploying millions of dollars in funding to support New Majority business owners in need. Subscribe to our newsletter for the most up-to-date announcements about upcoming opportunities.
In addition to funding, Hello Alice recommends the following actions to small business owners:
Utilize Hello Alice Resources. Whether it’s one of our step-by-step business guides or our comprehensive library of tools, opportunities, and networks, Hello Alice has gathered all the best resources to help your small business succeed.
If your company or organization is interested in supporting this important work or gaining insights about your community of business owners, please reach out to [email protected]
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