Of the roughly 30 million small businesses in the United States, 22 million are individually operated, meaning the owner is the sole employee, according to the U.S. Chamber of Commerce. There are few concrete numbers for how many of those businesses have permanently closed in the past year, but some early estimates have put the figure anywhere from 80,000 to 160,000. It will likely take years for the full extent of damage from the pandemic to be felt in the broader economy. The pandemic has shaken even the most prepared business owners, and nonwhite business owners have been hit especially hard. If the incoming Biden administration and the banking sector want the country to bounce back from this crisis, there will have to be a renewed focus on how we approach small-business credit in general, and how we foster nonwhite business creation in particular.