A pathway for Black wealth: Tips for fueling business growth through planning and mentorship
contribute an estimated $200 billion to the national economy annually. Research shows that entire communities benefit when Black businesses succeed. They create jobs, close the racial wealth gap, and strengthen local economies.
many years in financial services, and all of the successful ones demonstrate incredible resilience. While it’s true that entrepreneurs must be innovative and self-motivated, it’s that resilience – which 81% of small business owners say is the most important attribute behind their success– that empowers them to push through the challenging times to build a business.
from the pandemic when compared to their white counterparts. But, while new business formation is exploding across the board, we’re seeing a huge boom as the number of Black-owned businesses is around 30% above pre-pandemic levels.
Pamela: Prioritize finding a financial mentor. A great mentor can be the
difference between barely keeping your business afloat and really thriving.
In fact, studies show 70% of small business owners who received mentoring survived more than five years in business, which is double the survival rate of non-mentored businesses.
navigate the complexities that come with being a Black business owner, such as providing access to the right networks, education, financing, tools and resources. This includes access to capital and support with cash flow management. Mentors can also help with social capital by connecting you with their network of contacts to help facilitate strategic growth.
available within your local business community like the National Black
Chamber of Commerce or the local SBA Small Business Development
owners just starting out?
Pamela: If you are ready to dive into small business ownership, having a plan, understanding your credit health, and building a strong
foundation can set you up for success. Business owners should also focus on:
evolving needs of customers. This document plays a critical role as you map out your growth.
capital and funding. Build credit in the business’ name, set up a small business credit card account, pay vendors and suppliers on time, and be mindful of cashflow and liquidity.
owners start companies with their own money, it’s important to keep personal and business finances separate. Starting a small business checking account or opening a business credit card can help you keep track of your spending and simplify accounting when it’s time for taxes.
minority business owners, including through our Advancing Black Pathways initiative, which aims to help the Black community chart stronger paths toward economic success, and our Entrepreneurs of Color Fund, which provides necessary capital to fuel more than 300 U.S. Black and Latino-owned businesses. We provide business owners with access to the Chase for Business
Resource Center and the JPMorgan Chase Supplier Diversity Network
(SDN) to help ensure the financial health of their businesses.
Chase is supporting Black entrepreneurs
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