According to a new survey, Black entrepreneurs still experience racism despite Blacks business owners potentially adding $190 billion to the economy.
According to Intuit, which surveyed 2,000 business owners in the United States, Black business owners still face racism. However, the survey found room for hope.
The study reported that 84 percent of Black business owners said that their business improved their financial position while 79 percent of Black
business owners said they have experienced racism from a customer; 82 percent said they code switch when dealing with vendors and customers to avoid negative stereotypes; and 86 percent of Black business owners said they are judged more harshly than non-Black business owners.Fifty-seven percent of Black business owners claimed they were denied business loans compared to 37 percent non-white business owners.
According to SCORE, a partner of the U.S. Small Business Administration, Black ownership is on the rise.
“As new small business applications continue at a record-setting pace, Black business owners are thriving, but face unique challenges no matter what their business stage. SCORE is here to provide the tools to meet and overcome these challenges on the road to success,” said SCORE CEO Bridget Weston.
“Without my mentor and SCORE, I would not have been able to get the funding I needed to grow,” said Lenora Ebule, SCORE Memphis client and founder of Bailan Spice. “I started with one store with one product and I have gone to an entire range of nine products in more than 30 stores, including Kroger. Working with SCORE has helped me tremendously and I believe it would help any business.”
SCORE offers free virtual webinars. Click here to learn more.
In more Black entrepreneurship news, a Black-owned title insurance company, National Standard Abstract, recently closed over $2 billion in transactions. The masterminds behind this inspiring company are the father and son Osei Rubie and Nadir Rubie.