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Black History Month: These resources can help Black-owned businesses thrive

Posted at 1:08 PM, Feb 16, 2023

Starting a business and staying in business can be tough for anyone, but Black Americans have numerous unique hurdles. One of those hurdles is accessing capital to start a business. Black Americans have a harder time accessing capital than their white counterparts, according to the Brookings Institution.

Despite that challenge, Black-owned businesses are growing. A report from the U.S. Census Bureau says between 2017 and 2019, Black-owned businesses grew in all sectors of the economy, but then the pandemic hit. A government report shows that Black business ownership fell by about 40% in 2020. However, that number has reportedly rebounded to pre-pandemic levels.

There are numerous programs and organizations that can help Black business owners and those who want to go into business.

The Minority Business Development Agency has centers set up across the country to help Black Americans expand their businesses.

The Small Business Administration can connect Black Americans with SBA-approved lenders and offer information about COVID-19 relief options.

The U.S. Chamber of Commerce also wants to see more Black business owners. The group has identified 14 programs that can help Black Americans achieve success in their business ventures.

Black businesses are important to the U.S. economy. They support more than 3 million jobs and add generate more than $200 billion in revenue.