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DEVELOPING BLACK ENTREPRENEURS




Marie Deary

Jul 31, 2023

Developing Black Entrepreneurs

African American-owned businesses are a growing force for economic empowerment
in the United States. In 2022, they represented over 9% of all U.S. businesses,
generating $133.7 billion in annual receipts and employing 1.3 million people.
This growth has been particularly pronounced since the pandemic, with the number
of Black business owners increasing by 28%.




The growth of Black-owned businesses is good news for the economy. These
businesses contribute $40.5 billion in annual payroll and are more likely to be
in low-income communities, providing much-needed jobs and services to these
areas.




However, Black-owned businesses continue to face a number of challenges,
including a lack of access to capital and community-centric support. These
challenges can make it difficult for Black businesses to grow and succeed.




Despite these challenges, Black business owners remain optimistic about the
future. A survey by Goldman Sachs found that 81% of Black business owners were
optimistic about the financial trajectory of their businesses in 2023.




This optimism is well-founded. The growth of Black-owned businesses is a sign of
the economic and social potential of the African American community. With
continued support, Black businesses can play an even greater role in driving
economic growth and opportunity in the years to come.

Wealth Management Financial Advisors launched Developing Black Entrepreneurs, a
collection of practical resources to help Black business owners grow and scale
their businesses. This educational program is specifically designed for Black
business owners and highlights topics that are vital to business growth and
sustainability.




National Black Business Month is a time to recognize the contributions of Black
entrepreneurs and to celebrate the growth of Black-owned businesses. It is also
a time to reflect on the challenges that Black businesses face and to commit to
supporting them in the future. By supporting Black-owned businesses, we can help
to create a more equitable and prosperous economy for all.




Here are some ways that you can support Black-owned businesses:

 * Shop at Black-owned businesses. This is the best way to support Black
   entrepreneurs and help them grow their businesses.

 * Donate to organizations that support Black-owned businesses. There are many
   organizations that are working to help Black businesses succeed.

 * Spread the word about Black-owned businesses. Let your friends, family, and
   colleagues know about the great businesses in your community.

By taking these steps, we can help to ensure that Black-owned businesses have
the resources and support they need to succeed.

Marie Deary, BSEE, MSEE, MBA, FA, FP

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This website is owned by a private company that offers business advice,
information, and other services related to the formation, financing, operation,
and management of businesses. All users should perform their own due diligence
and research. This website is not a lender and does not broker loans, make
loans, or make any credit decisions. We have no affiliation with any government
agency. Nothing on this website is an offer or a solicitation for a loan. This
website is not an agent, representative, or broker of any lender and does not
endorse or charge you for any service or product. None of the information on
this site constitutes legal advice.

You also understand that we are not affiliated with the Small Business
Administration (SBA). If you need to visit the SBA directly please click here:
sba.gov

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3701 Long Beach Blvd #100, Long Beach, CA 90807
All rights reserved. DRE License #01947554, DRE License #01916123

Tel: (877) 828-8877

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