Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Indian Country small businesses face strong headwinds in COVID-19 recovery

 

September 10, 2020



The COVID-19 pandemic has led to economic and health hardships throughout Indian Country, affecting the many small businesses that are the backbone of tribal economies. To understand how these businesses are experiencing the pandemic, the Center for Indian Country Development (CICD) at the Federal Reserve Bank of Minneapolis partnered with the National Center for American Indian Enterprise Development (NCAIED) in mid-July 2020 to survey private sector businesses in Indian Country, receiving complete responses from 400 business owners.1

Two-thirds of businesses see significant revenue losses

Respondents have already experienced dramatic declines in their revenues and do not expect those declines to be reversed in the next six months. About 68 percent of businesses have seen at least a 20 percent revenue reduction. For comparison, a previous CICD survey in late April of businesses owned by tribal governments (rather than by individuals) found that more than 80 percent of tribally owned enterprises experienced revenue losses, with nearly one-quarter reporting zero revenue.

https://www.minneapolisfed.org/article/2020/indian-country-small-businesses-face-strong-headwinds-in-covid-19-recovery

 

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