By Keyanna Harper
- Black-owned businesses have brought over $200B to the U.S. economy annually
- Consumer spending in the Black community is projected to reach $1.7T by 2030
A changing tide for Black entrepreneurs is on the rise as their companies have brought over $200 billion to the U.S. economy annually. With no signs of slowing down, these Black-owned businesses are changing the landscape of business owners across the country while further tapping into the economic power of this community that’s set to expand from $910 billion in consumer spending in 2019 to a projected $1.7 trillion by 2030.
Why This Matters: Entrepreneurs starting up their enterprises and establishing networks within other organizations will be able to provide more jobs once they’re properly capitalized. Currently, there are 9.2 million Minority-owned firms in the U.S. and 1.02 million have paid employees, which is excellent for Black communities.
The Biden administration and Congress have worked to strengthen the Minority Business Development Agency (MBDA), which provides improved access for Black-owned businesses of all sizes using technical assistance. The MBDA has been a go-to resource for decades, providing business owners with capital access and technical assistance.
It’s equipped to empower minority entrepreneurs and level the playing field on behalf of minority small business owners. However, it still needs increased funding to make progressive tax changes to improve small Black-owned businesses’ competitiveness. Funding opportunities like small business loans or grants can help with the growing pains.
Situational Awareness: There are funding opportunities for Black small businesses and securing the capital needed to grow or start businesses. The right tools are in place, but more exposure to what is available must be shared with entrepreneurs in the Black community.
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