September 7, 2016
Julianne Malveaux says that the biggest challenge that Black entrepreneurs face is access to capital, or the difficulties experienced in attempting to get a bank loan.
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WHY DO BLACK BUSINESSES STRUGGLE TO GROW?
The most recent data on minority owned firms in the United States was collected in 2012 (and released at the end of 2015). It showed that the number of minority-owned firms rose from 5.8 million in 2007 to 8 million in 2012. Hispanic-owned firms grew the most rapidly – by 46 percent to 3.3 million. African American-owned firms grew by 34.5 percent to 2.6 million. Asian-owned firms grew by 23.8 percent to 1.9 million. Women-owned firms grew by 26.8 percent compared to firms owned by men that grew by just 6.8 percent. Since the total number of firms grew by just 2 percent, to 27.6 million, the growth in minority and women-owned firms could define the way that business is being done in our country.