Watch: Small Business Recovery in Minneapolis
Axios Twin Cities reporters Torey Van Oot and Nick Halter hosted a virtual conversation on Black-owned businesses, PPP loans and the future of the economy in Minneapolis featuring Sen. Amy Klobuchar (D - Minn.) and Du Nord Craft Spirits CEO and owner Chris Montana.
Sen. Amy Klobuchar discussed how the government should provide more help to Black and minority-owned businesses.
- On pushing to include a venture capital proposal focusing on women and minorities in the next relief plan: "I'm actually leading an effort to make sure that we focus on women as well as minorities [in the next PPP stimulus package] to make sure that they're at the front of the line. When the next PPP money goes out, it's looking at [targeted] programs to encourage entrepreneurship."
- On seeing a path forward for a $15 minimum wage: "I think the time has come. And so that's something that obviously is a priority for President Biden...We're in a place where we can get it done."
Chris Montana discussed his experience as a small business owner in Minneapolis and highlighted the importance of having institutions mirror the communities that they serve.
- "I think that all of our institutions — government, business, social engagement — should all be reflective of the community. Our business community really isn't. And because kids like me grow up not seeing examples of people in boardrooms and law firms or distilleries, we don't know that's on our horizon. I think that that needs to change."
Axios Chief Revenue Officer Fabricio Drumond hosted a View from the Top segment with Facebook VP and Head of Scaled Solutions of Global Business Marketing Judy Toland, who discussed the economic impact of the pandemic on small businesses.
- "The pandemic has not affected all small businesses equally. We've seen that Black-owned businesses are closing at twice the rate of others since the start of the pandemic. And when they are saying open, their sales are decreasing at a higher rate by a rate of 30%."
Thank you Facebook for sponsoring this event.