![]() We all need to support black-owned businesses. (We encourage you to peruse this 700+ page report as the numbers are embarrassing.) As a result of this study, Governor Tom Wolf established the Pennsylvania Bureau of Diversity, Inclusion, and Small Business Opportunity to show the government’s commitment to implementing policies and programs that will help improve the quality and quantity of opportunities for small diverse businesses.įor Pennsylvania black entrepreneurs, this agency’s website has helpful information on how to get your business in an advantageous position to sell products or your services to the Commonwealth. A recent Pennsylvania report shows obvious disparities between small diverse businesses and non-diverse when it comes to purchasing, and the service providers hired, by the Commonwealth. So note: if you are a black entrepreneur in another state, check and you may have similar assistance waiting for you! Black-Owned businesses struggle for other opportunitiesįunding is not the only area where black-owned businesses are getting cheated. We are fortunate that here in Pennsylvania, the Pennsylvania Department of Community and Economic Development has specific programs and funding to ensure that financial assistance reaches minority-owned and woman-owned businesses. Our government, organizations, banks, companies, and individuals who loan, invest, and otherwise finance businesses need to wake up and make every effort to ensure black-owned businesses meet basic financing needs. Let that sink in! Before Covid, only 17% of the black-owned businesses in this survey reported that their financing needs were met.įrom a return-on-investment standpoint, a capitalistic standpoint, and a purely ethical standpoint, this truth is unacceptable. ( See chart.) Financial challenges include paying operating expenses, credit availability, making payments on debt, and purchasing inventory or supplies to fulfill contracts.Īdditionally, only 17% of these black-owned businesses reported that their funding needs have been met. In the 2019 Small Business Credit Survey – Report on Nonemployer Firms, (Federal Reserve Bank of New York), 76% of black-owned businesses surveyed reported having financial challenges. ![]() Black-Owned businesses are more likely to suffer financial challenges Why? Lack of funding through loans or the Payroll Protection Plan is part of the blame right now, but the black entrepreneur’s ability to get financing to support their endeavors has always been a prevalent problem. ![]() Fairlie’s recent population survey indicates that a higher share of black-owned businesses (41%) was forced to close their doors during mandatory lockdowns as compared to white-owned businesses (17%). Lauren Leatherby of the New York Times reports that black business owners are hurting disproportionately as a result of Covid-19’s impact on all businesses. As Americans, we need to support black entrepreneurs who are already in business, as well as do more to promote and assist black-owned start-ups. ![]()
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