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City of South Bend Disparity Study 2020 <br />gender of the firm's owner(s), geographic location (census division and <br />rural or urban location), number of employees, firm age, and industry to <br />ensure that the data is representative of the nation's small employer firm <br />demographics. <br />Demographics <br />The Survey Sample consisted of the following components: <br />ii. Performance <br />Larger shares of Black- and Hispanic -owned firms reported profitability. <br />By contrast, the share of profitable Asian -owned firms declined. <br />iii. Future Expectations <br />While Black- and Hispanic -owned firms remained most optimistic about <br />the future, declining shares of firms expected future revenue and <br />employee growth. <br />iv. Financial Challenges During the Prior Twelve Months <br />While larger shares of Black- and Hispanic -owned firms reported finan- <br />cial difficulties compared to White -owned businesses, the share of <br />White -owned firms reporting challenges increased between 2016 and <br />2018. Paying operating expenses (including wages) was of most con- <br />cern. Black -owned firms used personal funds more frequently than <br />White -owned firms, and less frequently took on additional debt when <br />faced with financial challenges. <br />V. Funding Business Operations <br />White -owned firms were less likely to use personal funds to fund busi- <br />ness operations compared to minority-owned firms. They were also <br />more likely to use retained business earnings. <br />White -owned firms more frequently used loans or lines of credit. Black - <br />owned firms were less likely to export goods and, therefore, to use <br />trade credit. <br />01020 Colette Halt & Associates, All Rights Reserved. 89 <br />