Insights into the world of small business lending and development
Removing the Barriers to Black Business Success
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.
Why aren’t more Black entrepreneurs trying to do more? It isn’t for lack of ideas. Not a day goes by when I don’t run into someone with a great, new, business idea. Sure, some of them are whacky, and some are far-fetched, but many are solid ideas that can’t get off the ground because people need capital to start a business.