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COVID-19 has brought on a number of financial challenges that yielded economic consequences. In an effort to absolve minority-owned small businesses of their financial burdens brought on by the pandemic, Hennessy has launched Unfinished Business , a recovery fund to aid in getting them the resources needed to get back on their feet, according to a press release . “Built for community by community, Unfinished Business is an extension of our legacy supporting multicultural consumers and underscores our ‘Never stop. Never settle.’ ethos,” said Giles Woodyer , Senior Vice President, Hennessy US. “We want to do all that we can to help the small businesses survive the current crisis and pledge resources for the long term; as long as they have unfinished business to settle, so do we.” The fund will donate to small business entrepreneurs and continuously replenish funds so donations are more than a one-time occasion. “Hennessy has always valued the spirit of resilience and this is what...
Despite the news that loan relief with extremely low interest is on the way, it’s unclear if it’ll be enough to save entrepreneurs hit hard by COVID-19. A new LendingTree survey of more than 1,200 small business owners found that 71% worry they’ll never recover from the downturn. Business owners are holding on by a thread as more governors join the long list of states closing non-essential businesses. Nearly half of small business owners have temporarily closed their businesses, our survey found. They have also laid off workers or reduced their hours and sought funding, often unsuccessfully, to stay afloat. Key findings 71% of small business owners are worried their business will never recoup the losses associated with the COVID-19 pandemic. Business owners in the accommodation/food service and retail trade sectors are among the most likely to fear for their company’s future. Nearly half — 47% — of small business owners surveyed have taken on debt to keep their business afloat...