Small businesses are still recovering from the worst of the pandemic, but minority-led businesses are experiencing more difficulty than others according to a new report from Meta.
Meta, the parent company of Facebook and Instagram, on Wednesday released an updated State of Small Business Report that found about a quarter of minority-led small businesses were closed when the survey was conducted, a rate 6 percentage points higher than that of minority-led businesses in July 2021, and 4 points higher than the national average of 22%.
The results dropped midway through National Small Business Week and only a few days into Asian American Heritage Month, which led Meta to announce additional programs and services it will use to support minority-led small businesses.
The package will spotlight diverse-owned small businesses with the launch of Meta Prosper for the Asian and Pacific Islander communities in the United States.
Meta Prosper pages on Facebook and Instagram (@metaprosper) aim to build a community for API-owned small businesses with inclusive content published in six languages — Chinese, Hindi, Tagalog, Vietnamese, Korean and Japanese — and free training. Meta said this resource will support a diversity of API voices and encourage equality both online and in entrepreneurship.
The new initiative joins several other Meta programs intended to support small businesses, such as the future-tech preparation program Metaverse for Business; the Meta Small Business Hub, which houses tools, materials and trainings to help small businesses increase their efficiency and effectiveness; and Meta Elevate, a program across Facebook and Instagram that offers resources, education and support to Black and Hispanic business owners and communities.
Meta has also hosted several “Boost Events” — lectures and training events held by Meta’s local partners across the country intended to teach entrepreneurs how to jump-start their business with free tools available on Meta platforms, and foster community and connections among local small businesses.
More information on the new Meta programs is available on the company’s National Small Business Week page.