Insights into the world of small business lending and development
Unlocking the Potential of Minority-Owned Busines
African-American-owned businesses are the backbone of their communities, major contributors to our growing economy, and sources of innovation and thought leadership -- not just in their industries but throughout our society. They also provide economic opportunity and stability to struggling minority communities. The problem is there are simply not enough of them.
The number of minority-owned businesses has increased by 50 percent in the past decade but is still discouragingly low compared to white-owned businesses. While minorities now make up 38 percent of the U.S. population, they are a mere 15 percent of business owners. African-Americans make up about 13 percent of the U.S. population but an abysmal seven percent of business owners.
As one of those African-American business owners, I know minority-owned companies have great potential to contribute more to our economy. But I also know first-hand the challenges we face.