The state of black business ownership in the U.S. is on the rise. According to a survey by the Minority 2018 Small Business Trends, the number of black-owned small businesses jumped by 400% in one year!
Black Enterprise reports that the survey, which was conducted by Guidant Financial and LendingClub, saw the staggering increase from 2017 to 2018 after interviewing aspiring entrepreneurs and business owners. The results showed that 45% of the country’s small businesses in 2018 were owned by minority ethnic groups. This is a big jump from 2015 when only 15% of business owners identified as either African American, Hispanic, Asian, and Native American.
Of the African-American businesses, the survey found that the highest number of black entrepreneurs lived in Texas, Georgia, California, Florida, and North Carolina. It also revealed that 63% were men and 38% were women, and the overwhelming majority of black entrepreneurs agreed that finding capital was the hardest of running their businesses.
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